· 2015-05-06 · metro pacific investments corporation continues to grow and improve its...

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J O U R N A L O N C O R P O R A T E G O V E R N A N C E I N A S I A

January-March 2015

Volume 12 Number 1 ISSN 1727-2254

Metro Pacific Investments Corporation continues to grow and improve its portfolio of companies by bringing its management expertise, innovation and best corporate governance practices to the delivery of public infrastructure.

Hand in hand with the government, we endeavour to transform, revive and fuel economic growth to uplift the quality of life of every Filipino.

We Invest. We Manage. We Transform.

www.mpic.com.ph

New Life. New Power.New Direction. New Hope.

“Best CEO”

“Best CFO”

“Best IR Company”

“Best Environmental Responsibility”

“Best CSR”

CorporateGovernanCeasia January-MarCh 20151

Transcendent investor relation strategies will define the success of Asian companies in tapping international markets

By

Rhandell Santos

A continent with as diverse a range of cul-tures and languages as Asia can pose a host

of challenges to different facets of a company’s operations, and investor relations has certainly not been granted an exception. This has never been more evident than today as Asian com-panies have increasingly sought to deliver their unique value proposition outward on the regional and international stage in their growing focus to expand their shareholder base worldwide.

By and large, investor relations in Asia con-tinue to evolve with firms across the region ex-erting tremendous efforts to satisfy the needs of an astute investment community. Such watchful eyes of investors have demanded that Asian companies set the bar higher in terms of financial reporting, information disclosure and corporate governance practices.

Thus, the significance of strengthening communications that tran-scends language barriers and forges mutually beneficial relationships between corporate management and its investors has never been more pronounced for firms seeking to capture greater market visibility and optimize their full potential in equity markets. As such, more companies than ever before have taken their management teams abroad on road shows, ad-dressed international conferences, and distributed financial result press releases internationally to attract global investors.

New developments in the internationalization of busi-ness operations have spurred the need for a greater extent of disclosure and a rise in demand for the investor relations function. For instance, the launch of the Shanghai-Hong Kong Stock Connect, which facilitates mutual stock mar-ket access between Hong Kong and China, is beginning to make its mark on the investor relations arena. The sig-nificant fund flows channeling between the two significant markets have made for a compelling challenge for IR teams to cater to the diverse mixture of investors clamoring for information on how they can most effectively leverage on the innovative new platform.

As it always has been, corporate governance remains the

bedrock for any effective investor rela-tions program. Instilling a sound and responsible corporate culture and ethics is imperative in gaining the trust of in-vestors who expect at the very least to be engaged in timely and transparent com-munications. With this in mind, investor relations units have left no stone unturned in reiterating their firm’s corporate gover-nance initiatives to investors, notably seen through an uptick in firms creating dedi-cated Corporate Governance and Inves-tor Relations on their corporate websites.

The rising prominence in investor relations today also opens up tremen-

dous opportunities for skillful Investor Relations Officers (IRO) to es-tablish themselves as integral players behind the success of a company. The sheer volume and speed of information that needs to be dissemi-nated to investors, whether through traditional means such as financial statements and analyst reports or emerging ones such as social media, requires a specialist in place to maximize all the responsibilities expected

from the IR function in an effective manner.Hundreds of publicly listed companies in Asia have

looked to become more recognized overseas, as well as at-tain better coverage by global institutional investors and other stakeholders. It is here that IROs who have established a solid network and close ties with financial analysts, insti-tutional and retail shareholders have become highly sought after. Their insights and knowledge of the investment com-munity, such as discerning what affects their investment de-cision and thereby how it affects the company’s stock, can be most crucial in shaping the strategies and direction of the company.

More companies in the region – albeit only very gradu-ally – have started to employ dedicated IROs to handle the investor relations portfolio, as opposed to the structure of spreading the wealth of responsibilities with the CEO, CFO, public relations consultants, Company Secretary, and the Head of Investor Relations, among others.

Unfortunately, while IROs are growing in number to consolidate IR duties, there are still opportunities for the

Connecting beyond borders

=== “===

Hundreds of publicly listed companies in

Asia have looked to become more

recognized overseas, as well as attain better

coverage by global institutional

investors and other

stakeholders.

=== ”===

I N V E S T O R R E L A T I O N S


Premium brand – Solid foundations

Sun Hung Kai Properties Limited (SHKP) is one of the largest property companies in Asia. It has a well-established corpo-

rate brand and has gained a world-renowned reputation for its top-quality developments.

The company’s core business is property development for sale and investment. It has a balanced income profile based primarily on residential sales and commercial rentals. SHKP possesses a large land bank for future business development. An important part of its prudent financial policies is to maintain abundant liquidity and low gearing. The company has always received high credit ratings from Moody’s and Standard & Poor’s. Apart from its complemen-tary operations in the property related businesses including hotels, financial services, insurance and property management, SHKP also has investments in telecommunications, information technology, transportation, infrastructure and logistics. These investments pro-vide growing recurrent income to the company.

Good corporate governance has long been a cornerstone of SHKP’s business philosophy. Managed by seasoned profession-als who collectively formulate strategies to drive business forward for the best interests of the company, shareholders and employees, SHKP has received numerous international accolades over the years, which are the best testimony to its high standards of management and effective accountability mechanisms.

SHKP believes in “building homes with heart”, therefore it always puts customers first and strives for excellence in building premium properties, and it also continues to aim at staying innova-tive. Hence, its reputation for quality is highly trusted by customers. SHKP is dedicated to building first-class devel-opments in Hong Kong and on the Mainland.

SHKP is optimistic about the long-term .dnalniaM eht dna gnoK gnoH rof stcepsorp

It has built some defining landmarks in Hong Kong. SHKP’s latest jewel in the crown, the

International Commerce Centre (ICC), is the tallest building in Hong Kong spanning Vicotoria Harbour. It depicts the dazzling image of the Victoria Harbour Gateway together with the Interna-tional Finance Centre (IFC), which is also one of the company’s fin-est developments. The company owns one of the biggest shopping centre networks in Hong Kong with malls strategically situated near to stations of the Mass Transit Railway, which helps them benefit from the high visitors flows.

In addition, SHKP continues to adopt a selective and focused approach to invest in prime cities of the Mainland. The Shanghai IFC, comprising grade-A office space, a deluxe shopping mall as well as a 5-star hotel, is a stunning new integrated complex wholly owned by the company. The Shanghai ICC, another large integrated pro-ject of SHKP, located in the busiest commercial area of Puxi, is easily recognised thanks to its innovative design that incorporates both the local metropolitan characteristics and many sustainability features.

SHKP is a good corporate citizen and dedicates its efforts to the community, the environment, education and charity. The company places great emphasis on environmental protection and adheres to green principles in all aspects of its business, from planning and de-sign to material sourcing, construction, landscaping and property management.

SHKP is confidently looking forward to a bright future with its commitment to quality and service. Chairman and managing director Raymond Kwok says: “It takes vision to build a successful company and dedication to make it thrive. Our vision is to cre-

.ecnellecxe ot tnemtimmoc ruo tcefler taht stnempoleved ytilauq etaSHKP is poised to capitalise on opportunities to grow and solidify our leading position.”

SHKP’s shares are listed on the Stock Ex-change of Hong Kong and are traded over the counter in the United States in the form of American Depositary Receipts. ■

Recognised brand and reputation for quality set Sun Hung Kai Properties Limited apart

S P O N S O R E D S E C T I O N

CGA Jan-Mar2014-Magazine.indd 4 24/03/2014 10:59 PM


role to be further maximized. In many Asian companies, Investor Re-lations Officers are still viewed purely as a gatekeeper responsible for organizing meetings for senior management to engage with investors or hosting conference calls with stakeholders. As a result, IROs are often left out of the decision making process of companies and comes as a squandered opportunity.

Through their constant communication with the investment com-munity, IROs have an extensive knowledge and familiarity with the company’s investors. As windows to the investors’ expectations of the firm, they can therefore be instrumental in helping mold the way the company is perceived, which would ultimately be reflected in its stock price. Thus, the absence of IROs in the boardroom providing this criti-cal information that they uniquely possess increases the risk that company decisions will be made without realizing how they may directly and indirectly affect investors.

In the near future, it would not be too far-fetched to see companies exploring the inclusion of IROs in such key decision-making sessions. They possess information from the perspective of the investors that is invaluable to the board, particularly in this age of shareholder activism. Once top management has become more confident in the expertise provided by the IROs, their access to boardrooms will begin to pick up steam.

Meanwhile, the digital space has shown time and again that there is no swifter way to deliver corporate information beyond borders to a wider audience. Some companies have still shied away from actively engaging through social media channels altogether, but at what cost? Turning a blind eye to social me-dia entirely can no longer be a sound option for companies that count themselves as champions of communications.

In addition to maintaining a regularly updated corporate website, the ubiquity of social media can no longer be overlooked. As another arrow in the communication channel quiver, investor relations units can harness the reach of social media platforms to complement its existing communications channels and practices. With its informal style of en-gagement by nature, social media can add another dimension in foster-ing a greater sense of transparency, openness, accessibility and credibility in the long-term.

Successful engagement on various platforms such as Twitter, You-Tube, Facebook, and creative blogs has the potential to exponentially expand a company’s communications reach to the lucrative target audi-ence of potential investors. Savvy companies are beginning to venture into other websites such as Pinterest, while popular image-sharing apps Instagram and Flickr are also gaining traction for their ability to im-mediately share visual corporate stories to a more extensive audience.

Such a powerful tool can also be wielded in getting corporate mes-sages across to existing investors and analysts in a more efficient and ac-

cessible way given the ever-present smartphones in the hands of almost every person. In this light, postings can serve the same functions as press releases and corporate websites to deliver news to audiences that prefer delivery through social media.

Across Asia, there has been a noticeable upswing in the number of companies that have tapped social media as an effective distribution channel to deliver corporate news, complete with the inclusion of links to drive traffic back to their respective corporate websites. Some firms have taken to Twitter to tweet key highlights from the company’s results presentations and corporate events as they happen in real-time. Social media has also brought commentary on market and industry news, pro-motion of company awards and recognitions, and highlights of white

papers to the investment community at the click of a button. Moreover, there has been increasing evidence that so-

cial media can generate added awareness towards a com-pany and its products and services, enhance corporate com-munications with the wider investment community, and assist companies to gain a better grasp of how existing and potential customers ultimately identify the company’s brand and reputation. As such, these factors can go a long way in building a trusted, reputable brand in the hearts and minds of investors.

Social media has also emerged as a vital channel of managing risk within the organization and executing crisis communications. Under the scrutiny of an unrelenting 24/7 news-cycle, it has been used by beleaguered companies fac-ing a crisis to keep its stakeholders informed by capitalizing

on the speed and reach of the social media platform, its round-the-clock accessibility and personal influence.

As this space continues to evolve, a key development worth watch-ing is the emergence of a full-fledged social media corporate governance team becoming commonplace in organizations. Such would be a reflec-tion that firms are gradually encountering the need to integrate social business and compliance into its corporate culture.

In developing an effective social media corporate governance team, expect companies to build teams that bring together different areas of expertise encompassing human relations, IT, legal compliance, among others. Such a mixture would be best equipped to craft optimum social media practices while simultaneously humanizing the corporate brand and resonating favorably with investors.

While such developments have come in different forms to shape the IR landscape as more firms pursue greater exposure across boundaries, they all speak the same universal language of providing a most conve-nient experience for the investment community no matter the country. And it is only by looking out for the best interests of their investors can companies truly realize their full potential in capital markets befitting of responsible corporate citizens. n

=== “===

Social media has also emerged as a vital channel of managing

risk within the organization and executing crisis

communications

=== ”===

Premium brand – Solid foundations

Sun Hung Kai Properties Limited (SHKP) is one of the largest property companies in Asia. It has a well-established corpo-

rate brand and has gained a world-renowned reputation for its top-quality developments.

The company’s core business is property development for sale and investment. It has a balanced income profile based primarily on residential sales and commercial rentals. SHKP possesses a large land bank for future business development. An important part of its prudent financial policies is to maintain abundant liquidity and low gearing. The company has always received high credit ratings from Moody’s and Standard & Poor’s. Apart from its complemen-tary operations in the property related businesses including hotels, financial services, insurance and property management, SHKP also has investments in telecommunications, information technology, transportation, infrastructure and logistics. These investments pro-vide growing recurrent income to the company.

Good corporate governance has long been a cornerstone of SHKP’s business philosophy. Managed by seasoned profession-als who collectively formulate strategies to drive business forward for the best interests of the company, shareholders and employees, SHKP has received numerous international accolades over the years, which are the best testimony to its high standards of management and effective accountability mechanisms.

SHKP believes in “building homes with heart”, therefore it always puts customers first and strives for excellence in building premium properties, and it also continues to aim at staying innova-tive. Hence, its reputation for quality is highly trusted by customers. SHKP is dedicated to building first-class devel-opments in Hong Kong and on the Mainland.

SHKP is optimistic about the long-term .dnalniaM eht dna gnoK gnoH rof stcepsorp

It has built some defining landmarks in Hong Kong. SHKP’s latest jewel in the crown, the

International Commerce Centre (ICC), is the tallest building in Hong Kong spanning Vicotoria Harbour. It depicts the dazzling image of the Victoria Harbour Gateway together with the Interna-tional Finance Centre (IFC), which is also one of the company’s fin-est developments. The company owns one of the biggest shopping centre networks in Hong Kong with malls strategically situated near to stations of the Mass Transit Railway, which helps them benefit from the high visitors flows.

In addition, SHKP continues to adopt a selective and focused approach to invest in prime cities of the Mainland. The Shanghai IFC, comprising grade-A office space, a deluxe shopping mall as well as a 5-star hotel, is a stunning new integrated complex wholly owned by the company. The Shanghai ICC, another large integrated pro-ject of SHKP, located in the busiest commercial area of Puxi, is easily recognised thanks to its innovative design that incorporates both the local metropolitan characteristics and many sustainability features.

SHKP is a good corporate citizen and dedicates its efforts to the community, the environment, education and charity. The company places great emphasis on environmental protection and adheres to green principles in all aspects of its business, from planning and de-sign to material sourcing, construction, landscaping and property management.

SHKP is confidently looking forward to a bright future with its commitment to quality and service. Chairman and managing director Raymond Kwok says: “It takes vision to build a successful company and dedication to make it thrive. Our vision is to cre-

.ecnellecxe ot tnemtimmoc ruo tcefler taht stnempoleved ytilauq etaSHKP is poised to capitalise on opportunities to grow and solidify our leading position.”

SHKP’s shares are listed on the Stock Ex-change of Hong Kong and are traded over the counter in the United States in the form of American Depositary Receipts. n

Recognised brand and reputation for quality set Sun Hung Kai Properties Limited apart

S P O N S O R E D S E C T I O N

CGA Jan-Mar2014-Magazine.indd 4 24/03/2014 10:59 PM

I N V E S T O R R E L A T I O N S

CorporateGovernanCeasia January-MarCh 20154CorporateGovernanCeasia January-MarCh 20156 CorporateGovernanCeasia January-MarCh 20155

Investor Relations, CSR, Business Ethics, Environmental Responsibility and Financial Performance

Running a company is not just about earning profit for your shareholders. Nor it is just about having an excellent business model and an experienced management team. It is a combination of both, plus much more. It is about how you treat your shareholders or how you behave as a corporate citizen.

In today’s business environment, investor relations play a crucial role in corporate existence as they are instrumental in providing timely updates of the latest information and business development to keep the shareholders well-informed.

Companies should also be taking the initiative to reflect social and environmental concerns in their activities and in their relationships with the communities in which they exist. They should undertake deliberate efforts to create a sustainable environment in which to conduct business – rather than just think of their financial bottom line.

It is for these traits that Corporate Governance Asia is taking a new initiative to recognize excellence in investor communications, business ethics, corporate social responsibility (CSR), environmental practices and financial performance. The recognitions – The 5th Asian Excellence Recognition Awards – are bestowed to outstanding executive achievements across the region to serve as inspirations for the rest of the business community.

These accolades are for people who possess strong leadership in guiding the company in growing/expanding the business, and at the same time uphold the highest ethics in business practices. These recognitions are a fundamental part of our mission to enhance the standards of corporate governance in Asia.

We are honouring the companies and business professionals who are recognized by his/her peers, investors, academics for his/her outstanding leadership and contributions in a public or a private company.

Asia’s best investor relations professionalAsia’s Best CEO (Investor Relations)Asia’s Best CFO (Investor Relations)

Best Investor Relations Website/PromotionBest CSR

Best Environmental ResponsibilityBest Corporate Investor Relations, by country:

China • honG KonG • india • indonesia • Korea • Japan • Malaysia • philippines • sinGapore • taiwan • thailand • vietnaM

Best Financial PR Firm in Asia


CorporateGovernanCeasia January-MarCh 20156CorporateGovernanCeasia January-MarCh 201510 CorporateGovernanCeasia January-MarCh 20157CorporateGovernanCeasia January-MarCh 201510


C h i n a

Chen Siqing Vice-Chairman and CEOBank of China Ltd Bank of China posted a 9.2% rise to 136.80 billion renminbi in profit after tax in the first three quarters of 2014 and a 9.1% increase to 131.13 billion renminbi in profit attribut-able to equity holders in keeping with its solid development trend. As at the end of Sep-tember 30 2014, the bank has total assets of 15.43 trillion renminbi, up 11.2% from the prior year-end. It reported a return on assets of 1.24% and return on equity of 18.03%.

The bank continued to enhance its credit support to small and medium-sized enterprises and key industries involving the people’s livelihood. The domestic medium-sized enterprises loans and small enterprises loans grew by 7.85% and 14.54%, respec-tively, compared with the prior year-end.

Following China’s reform and opening up progress, Bank of China insisted on inno-vation and consolidated its competitive edge to strengthen its synergy of domestic and overseas operations, realizing rapid growth in its overseas businesses. It owns 622 overseas institutions in Hong Kong, Macau, Taiwan and in 37 other countries, and has established correspondent banking relationships with more than 1,600 financial institutions in 179 countries and regions as it further expands its service network.

In November 2014, Bank of China successfully executed the landmark US$6.5 billion additional tier 1 preference shares, followed by the US$3 billion Basel III-

compliant tier 2 notes offering – the largest such transaction in Asia, ex-Japan. In early January 2015, it announced that it has been authorized to conduct renminbi clearing business in Kuala Lumpur following a mutual cooperation memorandum reached between Bank Negara Malaysia and the People’s Bank of China.

Zhang Jianguo Vice-Chairman,President and Executive DirectorChina Construction Bank

The total group assets of China Construc-tion Bank (CCB) reached over 16.73 trillion renminbi as at September 30 2014, repre-senting an increase of 8.93% from the end of 2013. Gross loans and advances to cus-tomers amounted to 9.35 trillion renminbi with domestic corporate loans fetching more than 5.73 trillion renminbi. Deposits from customers reached over 12.98 trillion renminbi, or up 6.21% from the end of 2013, with domestic time deposits amount-ing to 6.04 trillion renminbi and demand deposits 6.55 trillion renminbi.

The group continued to optimize credit structure, built on and further consolidated traditional advantages and supported the development of the real economy and peo-ple’s livelihood sectors since the beginning of 2014. Its capital adequacy ratios (CARs) went up due mainly to the implementation of the advanced measurement approaches for capital management. In addition, the growth rate of the group’s internal capital accumulation from profit outpaces that of risk-weighted assets and the issuance of qualifying capital instruments contributed

Chen Siqing Zhang Jianguo Chen Xiaoping

to the rise of the CARs.In December 2014, CCB officially

opened a branch in Toronto, Canada – the first branch opened by a Chinese bank in Canada and a breakthrough by the bank in its presence in North America. With a full banking license, the Toronto branch will engage in commercial banking activities, including acceptance of deposit, trade finance, international settlement, syndi-cated loans, Canadian dollar clearing and treasury business.

As its overseas presence and business steadily expanding, CCB is able to offer comprehensive products through its ever-growing service channels, which further strengthens its ability to serve global clients and compete in the international market.

Chen XiaopingCEOChina Everbright International Limited China Everbright posted an operating income of HK$777 million in the first half of 2014, up 27% from the corresponding period a year ago, while profit attribut-able to equity shareholders rose 56.4% to HK$1.15 billion. The Hong Kong business reported profit attributable to equity share-holders of HK$621 million, or 76% higher than the first half of 2013.

The primary market investment busi-ness is the group’s most well-established business segment, with assets under man-agement amounting to HK$30.6 billion with 68 investment projects. Profit before tax from this segment was HK$295 million, representing an increase of 44% from the first half of 2013.

The secondary market investment business is currently divided into two main segments, namely traditional asset management and global absolute return funds business, which focuses on investment opportunities in overseas listed securities. The structured financing and investment business mainly consists of capital invest-ment and financing as well as the renminbi mezzanine fund and recorded a profit of HK$62 million.

The group’s aircraft leasing business, China Aircraft Leasing Group Holdings, was officially listed on the main board of the Hong Kong Stock Exchange on July 11 2014 raising a total of HK$729 million.


In the first half of 2014, the group invested in Prestige Capital Asset Manage-ment Company, renamed Everbright Pres-tige Capital Asset Management Company, which mainly engages in onshore asset management for specific clients.

Hao Jian MinChairman and CEOChina Overseas Land and Investment Limited China Overseas Land and Investment Limited (COLI) group posted total con-tracted property sales of about HK$140.81 billion in 2014. In addition, it registered subscribed property sales of HK$7.77 billion as at December 31 2014, which are expected to be turned into contracted property sales in the following months. In January 2015, the group acquired two new land parcels in Xiamen and Jinan, paying land premium of 3.55 billion renminbi.

COLI registered a strong revenue growth in the first half of 2014, surging 54% year-on-year to HK$49.6 billion due to the completion of property projects. This robust performance mitigated the impact of a fall in gross margin to 33.6% during the period from 36.3% in the first half of 2013 due to discounts offered by the company and a higher proportion of mass market and affordable housing deliveries.

Despite tight onshore bank credit to property developers in the first half of 2014, COLI managed to raise bank loans and bonds to finance its land payments and construction activities. As a result, its total debt increased to HK$94.3 billion as at June 30 2014 from HK$72.7 billion at the end of 2013. In November 2014, it signed a

HK$14 billion club loan, upsized from the original amount of HK$10 billion, with a consortium of 13 banks. The proceeds were used mainly to repay some of its existing loans and to fund the development projects of the company.

COLI had cash holdings of HK$49.8 billion at end-June 2014 and an estimated operating cash flow of between HK$45 bil-lion and HK$50 billion during the next 12 months, which are sufficient to fully cover its committed land payments and short-term loans through to end-June 2015.

Hong JieCEO and Executive DirectorChina Resources Enterprise Ltd The group’s unaudited consolidated profit attributable to the company’s shareholders in the first nine months of 2014 fell 55.7% from a year ago to HK$858 million, amid posting a higher unaudited consolidated turnover of 16.6% to HK$131.06 billion during the same period.

CEO and executive director Hong Jie says the group, in response to the slow mar-ket growth, is planning and staging its ac-tivities carefully in all areas of its businesses. “We have maintained our expansion mo-mentum with the support of our balance sheet,” he says. “We have strengthened out competitive advantages by combining our capabilities with those of our joint venture partner, Tesco PLC, enabling us to grow through different economic cycles.”

The group’s retail division registered a higher turnover of 14.4% to HK$82.17 bil-lion in the first three quarters of 2014, al-though the anticipated consequence of the

Hao Jian Min Hong Jie Wang Xiaochu

initial sage of the formation of the group’s joint venture with Tesco on May 28 2014 and the stagnant growth in the Chinese retail market have affected its contribution to the group.

The beer division reported turnover of HK$29.39 billion (up 7.2%), but attribut-able profit was down 5.9% to HK$1.04 billion. On other hand, the food division had a posted a faster growth rate of 51.3% to HK$12.37 billion, but recorded attribut-able loss of HK$91 million in the first nine months of 2014 in view of the ongoing business transition of the division.

Wang XiaochuChairman and CEOChina Telecom Corporation Ltd China Telecom maintained its growth mo-mentum in the first nine months of 2014 as it achieved an operating revenue of 243.61 billion renminbi, representing an increase of 2.2% over the corresponding period a year earlier. The profit attributable to equity shareholders rose 9.8% to 16.17 billion renminbi during the same period.

The number of mobile subscribers of the group was about 182 million during January-September 2014, or a cumula-tive net decline of 4.01 million, due to heightened market competition driven by the launch of LTE services and strength-ened market promotion by the competition. The number of 3G subscribers was 113 million, or a cumulative net addition of 9.40 million.

In response to the approval of com-mencing the LTE FDD and TD-LTE hybrid network trial in selected Chinese cities, China Telecom started to roll out 4G handset service in 16 cities in late July and further expanded to 24 more cities in early September 2014. This effectively fosters the number of mobile subscribers to rebound with a cumulative net increase of 1.33 mil-lion in the third quarter.

The group will continue to expand the width and depth of 4G network coverage in major cities to create superior network quality and accelerate e-Surfing 4G handset value chain development to assure superior 4G handset service experience to drive its mobile subscriber growth and investment return in the future.


Li FanrongPresident and CEOCNOOC Ltd CNOOC targets net production in the range of 475 million barrels to 495 million barrels of oil equivalent (BOE) in 2015, of which production from China and overseas accounts for about 67% and 33%, respectively. The net production targets set for 2016 and 2017 are around 509 million BOE and 513 million BOE, compared with the estimated net production for 2014 of about 432 million BOE.

CEO Li Fanrong says CNOOC, facing the complicated and highly volatile macro environment in 2015, will continue to strengthen the management of inter-nal operations and make efforts to meet the annual operational targets. He says the company will ensure an appropriate balance between short-term return and long-term development, and implement prudent capital investment plan in order to continuously carry out its “New Leap Forward” strategy.

In the third quarter of 2014, the unau-dited oil and gas sales revenue of CNOOC reached about 53.57 billion renminbi, down 4.6% year-on-year. The company’s average realized oil price was US$98.98 per barrel, a drop of 6.8% year-on-year.

CNOOC raised US$4 billion from the offshore bond market in April 2014, the proceeds of which were used in part to repay a US$2 billion facility that was taken to fund the acquisition of Nexen Inc, and for general corporate purposes.

Yi HuimanVice-Chairman, President and Executive DirectorICBC Ltd The total assets of Industrial and Com-mercial Bank of China (ICBC) stood at over 20.15 trillion renminbi as at the end of September 30 2014, up 6.52% over the end of 2013. Total loans and advances to cus-tomers amounted to 10.53 trillion renminbi, representing an increase of 9.39% over the end of 2013, of which renminbi loans of domestic branches grew by 8.56%.

Operating income rose 8.57% to 469.54 billion renminbi, with net interest in-come up 10.77% to 362.93 billion renminbi. Net fee and commission income was 100.88 billion renminbi, up 5.64%. Cost-to-income ratio was 25.48%. Shareholders’ equity reached 1.43 trillion renminbi, up 12.04% from the end of 2013.

In April 2014, ICBC entered into a share purchase agreement to acquire 75.5% of the existing issued shares in Tekstilbank from GSD Holding AS of Turkey. This followed a share purchase agreement that the bank entered in January 2014 to acquire 60% of the existing issued shares in Standard Bank. In addition, ICBC has a five-year option to acquire an additional 20% stake in

Standard Bank, exercisable from the second anniversary of the date that the transaction is completed.

In December 2014, ICBC tapped the offshore bond market in a multi-currency transaction comprising US$2.94 billion per-petual preference shares, 600 million euro perpetual preference shares and 12 billion renminbi perpetual preference shares.

Li Fanrong Yi Huiman Ma Mingzhe

Also in December 2014, the Lux-embourg branch of ICBC launched its renminbiclearing bank service following its designation by the People’s Bank of China. With the guarantees and full support from the parent bank as well as the advanced and integrated global payment system, ICBC Luxembourg will take the geographic advantage of Luxembourg, strictly fulfill the obligations to the regulatory rules under the direction of supervisory authorities of both China and Luxembourg, and commit to pro-viding safe, premium and efficient renminbi clearing serviced to its customers.

Ma Mingzhe Chairman and CEO Ping An Insurance (Group) Company of China Ping An Insurance (Group) Company of China maintained a stable and healthy growth in its overall performance in 2014 as the country’s economic performance stabi-lized. Net profit attributable to shareholders of the parent company rose 35.8% to 31.69 billion renminbi on the back of the higher profitability of the individual life insurance business, which demonstrated rapid growth.

The property and casualty insurance business sustained its stable growth and sound business quality. The net investment yield of the company’s insurance funds rose steadily. The company took the initiative to explore and popularize new channels of marketing, such as internet marketing and telemarketing with a view to expanding its sales channels and developing additional source of growth.

Ping An Insurance has always focused on the customers and followed the philoso-phy of experience-driven and valued-focused operations as it strives for sustainable and healthy growth of both businesses and em-bedded valued.

The company will endeavour to build Ping An into a world leading personal finan-cial services provider by closing monitoring changes in the external economic environ-ment, continuously implementing “Ping An Chariot” corporate governance and manage-ment model, promoting synergy throughout the group’s subsidiaries and constantly promoting the deep integration of modern science and technology with traditional finance.


Guo Aiping CEO and Executive Director TCL Communication Technology Holdings Limited TCL Communication Technology Holdings Limited delivered a set of promising results in 2014 amid fierce competition in the con-sumer market in the mobile communication sector. The total sales volume of handsets and other products reached 73.5 million units, representing an increase of 33% from the previous year, with 65.9 million units sold in overseas markets and 7.6 million units sold in China. Sales volume of smartphones and other smart devices soared by 136% year-on-year to 41.5 million units, and accounted for 56% of the group’s total shipment.

TCL CEO and executive director Guo Aiping says the group is confident about its growth momentum in 2015. He points out that by leveraging its strength in product development, supply chain management, production, distribution and marketing and with established mobile internet application and service, the group is confident that it will deliver consistent results and sustainable growth.

The group’s overall gross profit margin remained at a healthy level of 19.3%, up from 19% from 2013. The Americas remained a major growing market – thanks to swift replacement of feature phones by entry-level smartphones – posting a signifi-cant 82% rise in revenue, while the Europe, the Middle East and Africa region (EMEA); Asia-Pacific; and China recorded revenue in-crease of 25%, 49% and 105%, respectively.

In the Americas, the group expanded its market presence in more countries with the adoption of 3G and 4G entry-level

smartphones, which increased market shares. Morever, TCL has successfully launched tablets in major markets, including the US and Latin America via telecom operators and major retailers.

Sales volume of handsets and other products to the EMEA region jumped 20% year-on-year to 24.6 million units with revenue increasing by 25% HK$9.7 billion – or 32% of the group’s total revenue. In Asia-Pacific, the group achieved satisfactory results despite fierce price competition across the region.

Wang Jianlin ChairmanWanda Group Wanda Group is a leader in China in terms of the number of investment properties. The initial public offering of Dalian Wanda Com-mercial Properties Company in December 2014 that raised about US$3.7 billion was credit positive as it improved the company’s capital structure and diversified its funding channels. It also drove its leverage down, which has increased since the beginning of 2014, but the credit headroom is limited as it embarked on an aggressive plan to develop six Wanda City projects.

Wanda’s strong investment property portfolio was expected to produce recurring revenue of 15 billion renminbi in 2014 and grow at around 30% a year during the next two to three years. It maintains a strong track record of timely delivery of projects, high occupancy rates and continued rental rate growth – reflecting its management’s strong execution capabilities.

The company boasts of well-established

Guo Aiping Wang Jianlin Jinguang Qiu

brand that allows it to pick choice locations for new projects, partner with high quality tenants and attract buyers’ interests. Its stan-dardized procedures and monitoring system enables it to triple its asset size in 3-1/2 years’ time to 500 billion renminbi.

Wanda launched in 2013 its fourth gen-eration product Wanda City, which has a dif-ferent profile than a typical Wanda Plaza as it includes more cultural and entertainment elements such as theme parks and perfor-mance facilities, and has longer development timeline.

Jinguang QiuVice Chairman of the Board and Managing Director, Executive Director Cosco Pacific Ltd

Fuelled by higher revenue from the terminal business, Cosco Pacific posted an 8.9% rise in group revenue to US$870.09 million in 2014. The gross profit went up 1.8% to US$323.86 million, compared with US$318.17 million in 2013, while gross profit margin dropped by 2.6 percentage points to 37.2% during the same period.

Revenue from the terminal business increased 13.6% to over US$516.99 million, which was mainly attributed to the performance of Piraeus Container Terminal, Guangzhou South China Oceangate Con-tainer Terminal Company and Xiamen Ocean Gate Container Terminal Company.

Revenue from the container leasing, manage-ment and sale businesses grew 2.7% to US$357.07 million. The fleet size of owned containers and sale-and-leaseback containers, and the number of returned containers disposed of increased 2.6% and 42.4%, respectively. However, due to lower lease rates and resale prices of returned containers, the revenue growth was slower than the growth in the number of containers.

The terminal business performed satisfactorily in terms of gross profit, mainly supported by improving operations of Xiamen Ocean Gate Termanila. In addition, stable growth in operations was recorded at Guangzhou South China Oceangate and Piraeus Terminal, pushing the gross profit in this business segment

Gross profit from the container leasing, manage-ment and sale businesses declined. Although demand for leasing manifested improvements, the leasing rates remain at low level in the competitive container leasing market and some container leases with higher leasing rates fell due, resulting in a lower gross profit for container leasing.


H o n g K o n g

Manuel Pangilinan Managing Director & CEOFirst Pacific Company Ltd

The Hong Kong-based investment manage-ment and holding company First Pacific Company has operations located in Asia-Pacific with principal business interests in telecommunications, consumer food products, infrastructure and natural resources.

As currently constituted, the First Pacific portfolio has a balance of more mature assets in PLDT and PT Indofood Sukses Makmur, which deliver strong dividend flows and investments for growth in Goodman Fielder Limited, Metro Pacific Investments Corpora-tion, Philex Mining Corporation, PacificLight Power Pte. Limited and Roxas Holdings, Inc.

Turnover rose 13.9% to US$6.84 billion from US$6.01 billion, with profit contribu-tion from operations down slightly 1% to US$323.9 million. Equity attributable to owners of the parent declined by 2.3% to US$3.43 billion as at December 31 2014 from US$3.51 billion from a year earlier.

PLDT is the dominant telecommunica-tions provider in the Philippines and Indofood is the largest vertically integrated food company in Indonesia. Goodman Fielder is a leading food company in Australia, MPIC is the Philippines’ largest infrastructure invest-ment management and holding company with investments in the Philippines’ largest electricity distributor, toll road operator, water distributor and hospital group.

Philex is the largest metal mining com-pany in the Philippines, producing gold, cop-per and silver. PacificLight is the operator of

Singapore’s newest gas-fired power plant and RHI runs the largest integrated sugar business in the Philippines.

In terms of 2014 performance, Indofood recorded consolidated net sales of 53.69 tril-lion rupiah, up 14.3% from 55.62 trillion ru-piah in the previous year. Consumer branded products group continued to be the largest contributor to the company’s consolidated net sales, accounting to about 47%, followed by bogasari (25%), agribusiness (20%) and distribution (8%).

PLDT posted consolidated service revenues of 165.1 billion pesos in 2014, up 1% from the preceding year, with consolidated data and broadband revenue rising 20% to 31.9 billion pesos. MIPC posted core net income of 8.5 billion pesos in 2014, represent-ing an 18% rise from 7.2 billion in 2013 with the consolidated revenues surging 10% to 33.8 billion pesos during the same period.

Meanwhile, Philex Mining achieved core net income of 1.122 billion pesos in 2014, up 4% from 1.081 billion a year ago underpinned by an increase in revenues due to higher number of operating days, coupled with cost streamlining despite lower ore grades and weakness in metal prices.

Philip ChenManaging Director Hang Lung Properties Ltd

Hang Lung Properties reported a strong turn-over in the financial year ended December 31 2014 amounting to HK$17.03 billion and operating profit of HK$13.01 billion on the back of solid growth in core property leasing and robust property sales businesses. The group took advantage of improved sentiments in the Hong Kong residential market by sell-

Manuel Pangilinan Philip Chen Lawrence Ho

ing a total of 412 residential units and some car parking spaces. Turnover from property sales surged 2.9x to HK$9.81 billion.

The company described 2014 as chal-lenging against the backdrop of anti-opulence campaign, which has continued to affect luxury consumption in China resulting in a sales drop for some of its luxury tenants. In China, Hang Lung opened new projects, forming an even stronger nationwide portfolio of city landmarks across the mainland.

In Hong Kong, Hang Lung’s portfolio was resilient in the face of the challenging market environment. Rental turnover and operating profit generated from Hong Kong investment properties were both higher

Hang Lung continued to maintain a strong balance sheet. With HK$40 billion cash and bank balance, as well as sufficient un-drawn banking facilities, the group has ample financial resources to seize new investment opportunities and to meet the funding require-ments of any capital commitments.

The company will continue to adopt a prudent and sound financial management strategy as well as high standards of corporate governance in order tosupport its sustainable growth and to serve the best interests of its stakeholders over the long-term.

Lawrence Ho Chairman & CEOMelco Group Melco Crown International reported net revenue of US$4.8 billion in 2014, down from US$5.1 billion in the previous year due to lower group-wide rolling chip revenues, partially offset by improved group-wide mass market table games earnings. In the fourth quarter of 2014 alone, net revenue amounted to US$1.12 billion.

Melco Crown CEO Lawrence Ho says that despite the challenging year for Macau, he was pleased with both its relative operating performance and the meaningful advance-ments that it has made towards realizing its significant growth pipeline, positioning Melco Crown to succeed now and in the future.

He points out that the company’s world-class and unique assets in Macau, together with its market-leading premium-focused amenities and service standards have enabled Melco Crown to once again take share in the mass market table games segments in the fourth quarter of 2014. At the same time,


the re-positioning of its rolling chip business at both City of Dreams and Altira Macau continues to gather momentum and resulted in an increase in market share during the three-month period.

Melco Crown’s strategy and commitment to continually enhance its current product offering in Macau, including the ongoing development of its luxury retail precinct and the iconic fifth hotel tower at City of Dreams – on track for openings in the first half of 2016 and the first half of 2017, respectively – ensures that all its operating assets remain highly competitive in a constantly changing environment.

With the opening of City of Dreams Manila, Melco Crown firmly announces its presence as a regional gaming and entertain-ment company. The successful grand opening in February 2015 highlighted Melco Crown’s commitment to providing the best of enter-tainment, lodging, food and beverage, and gaming to the fast- growing Philippine tourism and leisure market.

City of Dreams Manila offers leisure seekers a world class collection of brands and attractions, including Crown Towers hotel, Nobu Hotel and Hyatt City of Dreams Manila. The innovative approach to provid-ing leading edge entertainment ensures that Melco Crown is strongly positioned to cater to an ever-changing and aspirational regional clientele.

Adrian Cheng Executive Vice ChairmanNew World Development Company Ltd

New World Development Company delivered strong results in the six months ended Decem-ber 31 2014 as it recorded profit attributable

to shareholders of the company of over HK$5.85 billion, representing an increase of 29% from the corresponding period a year ago. The underlying profit was up 5% to HK$4.41 billion. The proportion of segment contribution from property-related businesses amounted to 75%.

The company boasts of sound financial position ready to take advantage of the oppor-tunities with cash on hand and bank balances of HK$63.4 billion and a lower net gearing of 26.1%, which was 1.2 points lower than the 2013 period

The Hong Kong property development segment was mainly contributed by such projects as The Austin, Grand Austin, Park signature, The Woodsville, The Woodside, double Cove, double Cove Starview and the Reach. Demonstrating the group’s proven track record of robust execution, New World achieved HK$13.4 billion attributable contracted sales in the six months ended De-cember 31 2014, surpassing the original fiscal year 2015 Hong Kong attributable contract full-year sales target of HK$12 billion.

In terms of its landbank, the group is actively managing the development through various channels. Its attributable gross floor area stood at 9.3 million sq ft, of which 5.3 million sq ft are residential gross floor area. The attributable land area of farmland was 18.3 million sq ft, majority of which is located in North West New Territories.

New World posted gross rental income in Hong Kong rose 3% to HK$723.2 million, with the key investments properties maintain-ing satisfactory occupancy rates.

Meanwhile, New World China Land Limited posted revenues of HK$8.70 billion in six months ended December 31 2014, with profit attributable to equity holders of the

Adrian Cheng Lawrence Choi George Hongchoy

group amounting toOver HK$1.51 billion. The group

secured contracted sales reached 7.23 billion renminbi with gross floor area of 501,425 sq m meters.

Lawrence ChoiVice-Chairman and Managing DirectorSOCAM Development Limited SOCAM Development continued to undergo restructuring in the first half of 2014. While the monetization plan continued with the momentum of the latter part of 2013, the group experienced unprecedented challenges in its operating market environment due to the restricted mortgage policy for residential purchasers and the austerity measures in China, which have impacted negatively on the company’s property disposal plans.

Since March 2013, SOCAM has com-mitted to a monetization plan to divest its property assets in an orderly manner to unlock value for its shareholders. This continued to be the priority of the management, as is its exit from the cement business.

During the first six months of 2014, the company has completed the disposal of an 80% interest in Shenyang project phase II, realizing gross proceeds of about HK$1.5 billion. Capitalizing on the prevailing market environment, the group also successfully disposed of Tianjin project phase II en-bloc in April, enabling SOCAM to generate gross proceeds of about HK$220 million.

The group’s property portfolio in China as at June 30 2014 comprised of 11 spe-cial situation property projects with a total developable gross floor area attributable to the group of about 1.6 million square metres. The projects command prime locations in nine Chinese cities and offer attractive residential, office space or symbiotic mixed-use develop-ment benefits, including retail.

George HongchoyCEO The Link REIT The Link REIT is proposing to expand its investment strategy to allow property devel-opment activities. Under the proposal, the company can engage up to 10% gross asset value in commercial property developments while residential developments, hotels and services are excluded.


While the expansion will expose The Link REIT to higher development risk and new completion risk for joint venture projects with other developers, those risks will be moderated by the regulatory limit of no more than 10% gross asset value exposure on property devel-opment activities for REIT’s in Hong Kong. In addition, the company has good track record in asset enhancement of its existing proper-ties, which means that it is well-positioned to mitigate the increased development exposure. An enhanced property development capability should further improve the profitability and asset quality of The Link REIT.

The company has made a land acquisi-tion through a joint venture with Nan Fung International Holdings, in which it holds a 60% stake. It estimates its portion of the total development cost, including the land premium is HK$6.33 billion – and this project is The Link REIT’s first property development proj-ect and its first commercial office venture.

The expansion into property development will also increase the company’s financial lever-age because the development activities are like-ly to be debt funded. However, it is expected The Link REIT will have sufficient financial buffer to support the proposed development activities and can maintain its financial metrics consistent with its credit ratings.

Malaysia Tan Sri Dato Sri Leong Hoy KumGroup Managing Director and Group CEOMah Sing Group Mah Sing Group has unveiled plans for 2015 to enhance and solidify its market position.

This comes as the company has strengthened its capital position following a rights issue that will raise 630 million ringgit to finance its property development activities, land acquisitions and for general working capital requirement.

The company has a net gearing ratio of 0.37x as of end-September 2014 and the rights issue, together with 5.1 billion ringgit in unbilled sales, will give Mah Sing a healthy and strong balance that will allow it to acquire more landbanks for its further expansion. The group aims to repeat its sales feat of 3.4 billion ringgit in 2014 and this will be underpin by new launches amounting to 3.4 billion ringgit in 2015 and the sales of the remaining units launched in 2014. The strong balance sheet will be enhanced further by the fast project turnaround model it adopts where the time frame from the purchase of a land to the launch of the project only takes between six and nine months – regarded as a hallmark of the group.

Group managing director and group chief executive Tan Sri Leong Hoy Kum says Mah Sing looks forward to deliver properties sold in the past that will realize the unbilled sales that will translate into cash for the project developments and redemption of its financing.

Tan Sri Dato’ Sri Dr. Teh Hong PiowChairmanPublic Bank It was another commendable year for Public Bank as it posted a record net profit attribut-able to shareholders of 4.52 billion ringgit in 2014, representing an 11.2% growth from the previous year. Pre-tax profit rose 9.5%

Tan Sri Dato Sri Leong Hoy Kum

Tan Sri Dato’ Sri Dr. Teh Hong Piow

Erramon I. Aboitiz

to 5.81 billion ringgit during the same period. The robust performance was accounted

for by the steady increase in net interest income and non-interest income as well as stable credit costs. Despite facing net interest margin compression, the net interest income rose 6.5%, mainly contributed by the contin-ued strong loan and deposit growth, as well as the positive impact arising from the hike in the overnight policy rate in July 2014 and the rights issue, which was completed in August.

Public Bank founder and chairman Tan Sri Dato’ Sri Dr. Teh Hong Piow says the bank, despite facing the headwinds, persevered and continued to perform well and registered a strong annual loan increase of 10.8%, outpacing the 8.7% rise posted by the banking system. At the same time, the group recorded a double-digit growth of 10.2% in customer deposits, particularly contributed by its strong customer deposits in respect of its domestic commercial banking operations, which jumped 11.6% - also well above the banking system’s deposit growth rate of 7.6%.

The group registered an efficient cost-to-income ratio of 30% and maintained its low gross impaired loans ratio of 0.6%. Its consistent pursuit of high productivity and cost efficiency in all aspects of its operations had enabled Public Bank’s operating costs to remain low and efficient. The group also posted the highest net return on equity of 19.9% as compared with its peers.

Going forward, Public Bank will continue to focus on its core retail banking and financing business, while maintaining its prudent credit policies, as well as upholding strong corporate governance. It will leverage on its strong brand and its efficiently-run and wide-reach branch network as well as its delivery of excellent customer service to provide sustainable long term growth.

Philippines Erramon I. AboitizCEOAboitiz Group Aboitiz Equity Ventures (AEV) will be spend-ing 60 billion pesos in capital expenditures (capex) in 2015 to finance its expansion proj-ects. The group’s power unit Aboitiz Power, is allotting 52 billion pesos in capex in 2015


as part of its five-year plan to boost its total capacity by over 2,000 megawatts.

The food unit Pilmico has allocated 2.7 billion pesos for the year to support its effort to build a new layer farm and expand the capacity of various facilities under its flour, feeds and swine divisions.

Aboitiz Land is spending 3.7 billion pe-sos to acquire more industrial and residential land as it continues to expand its business outside of Cebu. The group’s banking unit, Union Bank of the Philippines, is spend-ing 455 million pesos for continued branch expansion, particularly for its subsidiary, CitySavings Bank, as it pursues growth objective of further building up its market share in Luzon.

Recently, AEV has expressed interest in engaging in infrastructure business, which will form the fifth pillar of its core businesses, in addition to power, ban king, land and food. “We foresee the private and public sec-tors pouring large investments into this sector over the next 10 to 15 years and we want to play a role in this trend,” says CEO Erramon Aboitiz. He expressed optimism about the gains the new business will contribute to the group in view of the huge demand for infra-structure projects in both local and emerging markets across Asia.

Bernard Vincent O. DyPresident and CEOAyala Land Underpinned by the strong performance of its property development and commercial operations, Ayala Land achieved a 26% increase in net income to 14.8 billion pesos in 2014, compared with 11.7 billion pesos in the previous year. The consolidated revenues

amounted to 95.2 billion pesos, up 17% year-on-year as the company continued to seize opportunities for growth under the prevailing positive market environment.

Ayala Land president and CEO Bernard Vincent Dy says the company will continue to introduce new residential projects moving forward and scale-up its commercial operations in support of its 2020 vision. The company launched four estates in 2014 – Alviera Pampanga, Altaraza Bulacan, Arca South Taguig and Atria Park District Iloilo – which provide over 1,200 hectares of developable land.

On property development, which includes the sale of residential lots and units, office spaces, as well as commercial and industrial lots, Ayala Land recorded revenues of 65.9 billion pesos in 2014, up 21% from 54.5 billion pesos a year earlier. Revenues from residential segment amounted to 55.9 billion pesos, up 26% during the same pe-riod, spurred by strong bookings and project completion across all residential brands.

The total revenues from commercial leasing, which includes the company’s shop-ping centres and office leasing as well as hotels and resorts operations, reached 21.2 billion pesos, representing an 18% growth from 18 billion pesos in 2013.

Teresita T. Sy-CosonChairperson BDO Unibank Inc The Philippines’ leading lender BDO Uni-bank achieved a modest rise in net profit in 2014, amounting to 22.8 billion pesos com-pared with 22.6 billion amid the volatility in the global financial markets. Underpinned by the strong expansion in the bank’s core

Bernard Vincent O. Dy Teresita T. Sy-Coson Enrique K. Razon Jr

businesses, recurring earnings, excluding the impact of one-off gains booked in 2013, rose 18% in 2014.

The customer loan portfolio reached 1.1 trillion pesos as it posted a 20% growth, which outperformed the industry. On the other hand, total deposits increased by 11% to 1.5 trillion pesos, driven primarily by a 24% surge in the low-cost deposit base.

Net interest income jumped 19% to 51.2 billion pesos, while fee-based service income contributed 18 billion pesos, an in-crease of 16% year-on-year. BDO says these core revenue streams had compensated for the decline in trading and foreign exchange gains. As such, gross operating income rose by 8% to 80.7 billion pesos.

The bank set aside 5.1 billion pesos in provisions for the year, even as asset quality continued to improve, with gross non-per-forming loan (NPL) ratio falling further to 1.3% from 1.6% in 2013. In line with pru-dent provisioning policies, the bank boosted its NPL cover to 188% in 2014 from

173% in the previous year. BDO’s capital base amounted to 180

billion pesos at the end of 2014, with both the capital adequacy ratio and common eq-uity tier 1 ratio reaching 14.6% and 12.4%, respectively – well above the minimum regulatory requirements under the Basel III framework.

Enrique K. Razon JrChairman and CEOICTSI Port operator International Container Terminal Services Inc (ICTSI) recordeda 6% rise in net income to US$182 million in 2014 on the back of a 24% surge in revenue to US$1.1 billion. The company attributed the higher profit to strong consolidated revenue and Ebitda growth underpinned by increased contributions from newer operations in Man-zanillo, Mexico and Puerto Cortes, Hondu-ras; the consolidation of terminal operations in Yantai, China; and improved performance at Subic Bay, Philippines.

ICTSI handled consolidated volume of about 7.44 million twenty-foot equivalent units in 2014, up 18% from the previous year. For 2015, the company is allocating US$530 million in capital expenditures (ca-pex). The funds will mainly go to the comple-tion of new container terminals in Mexico


and Democratic Republic of Congo, capac-ity expansion in its terminal operation in Manila, as well as start the development of new terminals in Iraq and Australia.

In 2014, ICTSI spent US$279 million out of its US$310 million capex budget. The company acquired a 10% stake in Anglo Ports Pty Limited in Victoria Inter-national Container Terminal Limited in February 2015.

The company continued to embark on its capital management exercise in January this year as it priced a US$300 million bond offering of senior perpetual capital securities to redeem the more expensive subordinated perpetual notes callable in 2016. About US$230 million of the new bonds were used to buy back the company’s existing 8.375% subordinated perpetual notes, in which it realized a cost saving of 2%.

The transaction is designed to extend the duration of the call dates on ICTSI’s perpetual capital issues and to reduce the cost of capital. This is also to ensure that it has the proper capital structure to continue supporting its growth strategy. The tender offer is the first such transaction target-ing repurchase of US dollar perpetual securities in Asia, while the new perpetual securities represent the first issuance of US dollar senior perpetual securities by a Philippine issuer.

The company has no substantial principal repayment until 2019 should the company draw from its revolving credit facility. In July 2014, the company signed a termination agreement with L&T canceling ICTSI’s management and operation con-tract for the Kattupalli Container Terminal in Tamil Nadu, IndiA.

Oscar S. ReyesPresident and CEOMeralco The core net income of Manila Electric Company (Meralco) in 2014 rose 6% from the previous year to 18.6 billion pesos. This was due mainly by a 3% increase in energy sales to 35,160 gigawatt hours due to higher demand from the commercial and industrial segments, which both grew by 4%. The revenues also reflect the lower dis-tribution tariff commencing July 2014 with the implementation of the 4th Regulatory Year Maximum Average Price of 1,5562 pesos per kilowatt hour.

MPower, the retail electricity supply unit of the company, with its customer-centric product and price offerings, have created significant value for its customers. It is serving 60% of the total 347 qualified and registered contestable customers. Meanwhile, Meralco PowerGen Corpo-ration is fast-tracking investment in new generation capacity to avert or mitigate looming power supply gaps notwithstand-ing earlier legal delays.

Global Business Power Corporation, in which Meralco has a 22% stake, com-menced operations of subsidiary Toledo Power Company’s 82 megawatt (MW) coal-fired power plant in December 2014. Another 150MW coal-fired power plant facility is being built in Iloilo City through Panay Energy Development Corporation. Equity in this project has been fully funded and commercial operation is expected to start in the third quarter of 2016.

Oscar S. Reyes Gerardo C. Ablaza Jr Andrew L. Tan

Gerardo C. Ablaza JrPresident and CEOManila Water Company Manila Water Company registered a modest profit increase of just 1% to 5.81 billion pesos in 2014, slower than the 5% rise that it achieved in the preceding year. Revenues went up 3% to 16.36 billion pesos, from 15.93 billion pesos in 2013. Cost of services, on the other hand, rose at a faster rate of 9% to 5.09 billion pesos from 4.65 billion pesos in 2013.

The water utility companies saw a 12% surge in its total billed volume to 671.2 mil-lion cubic meters in 2014, from 599.4 million cubic meters in the previous year. The bulk of the volume was contributed from Manila Water’s in the east zone concession area of Metro Manila. It posted an annual 4% rise in billed volume to 449 million cubic meters and 433.6 million cubic meters.

Among its subsidiaries, Laguna AAA Water Corporation recorded the fastest growth in volume of water sold at 31.8 million cubic meters, a sharp jump from 11.4 million cubic meters in 2013. The Vietnam-based Kenh Dong Water Supply Joint Stock Company, which Manila Water holds a 47.35% stake, also reported a strong surge of 168% to 55.2 million cubic meters, compared with 20.6 million cubic meters in 2013.

The other Vietnamese subsidiary, Thu Duc Water BOO Corporation, which Manila Water owns a 49% interest, however, reported a 1% decline in billed volume to 119.7 million cubic meters from 120.4 mil-lion cubic meters during the same period.

Andrew L. Tan Chairman and CEOMegaworld Corporation Real estate developer Megaworld Corpora-tion registered a net income of 19.03 billion pesos in the first nine months of 2014 – inclusive of the 11.62 billion pesos non-re-curring gain from the acquisition and sale of a subsidiary and associate – or nearly thrice the 6.52 billion pesos posted in the same period of 2013. This was driven by strong residential sales in its various townships, as well as higher leasing income from its office and retail portfolio.

Rental income from office developments


and lifestyle malls jumped to a record 5.2 billion pesos during January-September, up 20% from 4.34 billion pesos in the cor-responding period of 2013. The group’s reservation sales amounted to 70.2 billion pesos, up 11% from 63 billion pesos year-on-year. Megaworld is set to further solidify its position as the leader in office developments in terms of total office space inventory by completing another 112,000 square metres of office space in 2014.

In June 2014, the consolidation of real estate companies of chairman and CEO Andrew Tan was completed with the ac-quisition of a 49.2% stake in Global Estate Resorts Inc (GERI) by Alliance Global Group. The acquisition brought Mega-world’s majority stake in GERI up to 80.4% and increase the developer’s total land bank to around 4,000 hectares.

With its adequate land bank and land holdings, the group is growing its townships to even more cities all over the Philippines. The new developments will bring the com-pany’s township portfolio from 15 to 20 by the end of 2014.

Jose Maria K. Lim President and CEOMetro Pacific Investments Corporation Metro Pacific Investments Corporation (MPIC) reported consolidated core net in-come of 8.5 billion pesos in 2014, represent-ing an 18% increase from 7.2 billion pesos a year ago as each of its four main businesses delivered strong growth despite regulatory challenges. The rise in core net income was due mainly to robust earnings at its subsid-iary Metro Pacific Tollways

Corporation arising from strong traffic

increase and higher shareholding in Manila North Tollways Corporation.

Also making contributions are other subsidiaries Maynilad Water Services and Manila Electric Company due to bigger volumes sold, and the hospital group, which reaped benefits from new investments. The consolidated net income attributable to the owners of the parent company improved by 10% to 7.9 billion pesos in 2014, from 7.2 billion pesos in the preceding year.

MPIC president and CEO Jose Ma Lim says the strong profitability achieved by its operating companies reflect its intense focus on operational efficiencies, but at the cost of years of high capital expenditures. He anticipates continued strong volume in 2015 for all of MPIC subsidiaries in view of the anticipated continuing economic growth. In the wake of this favourable prospect, a number of its businesses are facing overdue tariff adjustments – particularly its water and tollroad operations where if left unre-solved, continued capital expenditure on water projects and road construction would be degraded.

Hans B. SicatPresident and CEO Philippine Stock Exchange

The Philippine Stock Exchange (PSE) recorded a 2.7% growth in net income to 867.55 million pesos in 2014, compared with 844.77 million pesos in the previous year. Total revenue posted a 4.1% rise to 1.71 billion pesos during the same period. Listing-related income, which accounted for 53.7% of operating revenue went up 13.1% year-on-year to 816.36 million pesos.

Listing fees from initial public offerings,

Jose Maria K. Lim Hans B. Sicat Ramon S. Ang

listings by way of introduction, share swaps and additional listings achieved a 19.2% growth to 590.27 million pesos. PSE said that despite gains in listing-related income, these were offset by lower trading-related fees, which dropped by 5.5% to 299.26 million pesos. Transaction fees were lower as the average daily turnover in 2014 slowed down by 16.3% to 8.80 billion pesos from 10.52 billion pesos in 2013.

PSE president and CEO Hans Sicat says the tapering in trading activity in 2014 from 2013 neutralized the gains from list-ings. He was hopeful that the brisk trading activity noted at the start of 2015, together with the projects that will be undertaken by the PSE in 2015, will help push the financial growth of the country’s bourse.

The muted trading activity also impacted on the service fees from the Securities Clearing Corporation of the Philippines (SCCP). The SCCP service fees, which accounted for 25% of the PSE total revenues, fell 16.3% to 380.38 million. In-come from subscription fee surged 28.8% to 25.04 million pesos in2014, while data feed income increased by 8.3% to 61.21 million pesos from2013.

The PSE is launching a new trading system in May this year, called PSEtrade XTS, which will replace the current trad-ing engine. It also started its broker system certification in January. It is working with the users of the trading system towards at-taining a 100% certification rate.

The PSEtrade XTS will power the ex-change’s trading platform, which currently trades equities and exchange-traded funds using the Nouveau Systeme de Cotation (NSC) developed by a unit of the New York Stock Exchange. In July 2014, the PSE engaged the services of Nasdaq to be the system provider of the new trading system that will replace the PSEtrade NSC that was in use since 2010.

Ramon S. Ang Vice-Chairman and Chief Operating OfficerSan Miguel Corporation San Miguel Corporation is one of the most diversified conglomerates in Southeast Asia, adopting a five-pronged business strategy aimed at increasing the value of the com-pany. Its wide range of businesses include beverages, food, packaging, fuel and oil,


energy, infrastructure, telecommunications, mining, real estate and aviation.

In adopting its business strategy, the group seeks to enhance the value of its established core businesses through opera-tional excellence, brand enhancement and improved product visibility. Second is to diversify into industries that underpin the development and growth of the Philippine economy.

Third, is to pursue synergies across its businesses through vertical integration, plat-form matching and channel management. Fourth, is to invest and develop businesses with leading market positions, enabling us to leverage on its strong brands and market dominance to expand existing businesses. Fi-nally, to adopt globally competitive practices through partnerships with leading companies worldwide.

In the first six months of 2014, San Miguel reported a net income before non-controlling interest of 18.4 billion pesos, or up more than six-fold, on the back of the strong performance from all businesses and lower interest expenses. The company posted total revenues of 405 billion pesos, a 13% increase from the same period of 2013 as its power and fuel businesses delivered double-digit revenue growth and its traditional food and beverage units manifested stable growth.

Among its subsidiaries, Petron Cor-poration’s domestic and Malaysian opera-tions recorded solid growth as it generated revenues of 258 billion pesos, or 18% higher compared with the first half of 2013. The in-frastructure projects are proceeding well and San Miguel is now one of the major sponsors of the major projects under the country’s public-private partnership scheme. Among its major undertakings are the construction

of NAIA Expressway, Skyway Stage 3 and extension of the runway at Boracay Airport.

Alberto S. Villarosa President and CEOSecurity Bank

Security Bank Corporation displayed a strong performance in 2014 as it launched its re-branding initiatives, called Better Banking, in conjunction with its retail bank transfor-mation. It achieved a 43% increase to 7.2 billion pesos in net income last year, resulting to a 16.3% return on shareholders’ equity.

Deposits rose by 20% year-on-year to 247 billion pesos as loans also increased by 17% to 194 billion pesos. These brought the bank’s total assets to 397 billion pesos at the end of 2014, representing an increment of 14% from the previous year. Asset quality remained firm and healthy with net non-performing loans ratio at 0.28% - among the lowest in the Philippine banking industry.

In launching its re-branding initiatives, Security Bank opened 12 new branches in Metro Manila and key cities in the provinces, bringing the totalnetwork to 256 branches as of end-December 2014.

President and CEO Alberto Vil-larosa says the bank’s balance sheet is even healthier, attributable mainly to asset quality and proven capital strength. He says its core businesses have outperformed themselves in demonstrating growth in their respective franchises. The wholesale bank continued to grow strongly, while the retail bank is well on track in its strategic direction towards be-coming a significant contributor to Security Bank’s business.

The bank’s capital remains robust with the Basel III common tier 1 of 14.3% and

total capital adequacy ratio of 18.4% at the end of 2014 – well above the central bank’s minimum requirements of 8.5% and 10%, respectively. In July 2014, the bank issued 10 billion pesos of Basel III-compliant tier 2 notes.

In late January 2015, Security Bank completed its inaugural offshore issuance of US$300 million senior unsecured notes, which garnered a strong investor demand. The proceeds were used to extend term liabilities and expand the foreign currency deposit unit funding base.

Hans T. SyCEOSM Prime Holdings SM Prime Holdings posted a 13% growth in net profit to 18.4 billion pesos in 2014 as the opening of new shopping malls and expan-sion of some old malls boosted rental income by a double-digit pace, complementing the stable growth from mature retail hubs. The consolidated revenues went up 11% to 66.2 billion pesos during the period.

SM Prime CEO Hans Sy says the encouraging financial performance in 2014 manifests that the transformation of the company into a property conglomer-ate is bearing fruits and trending above the management expectations. He expects an even better performance in 2015 as SM Prime pursues its expansion plans with the opening of four new malls, the completion of FiveE-comCenter and the launch of five new housing projects.

Rental revenues from retail and com-mercial spaces rose 13% to 36.5 billion pesos in 2014, accounting for 55% of consolidated revenues. This was attributed mostly to the new malls that opened and the expansion of existing malls in 2013 and 2014. The housing group, which accounted for 33% of the consolidated revenues, continued to show improvements. The group posted a 7% increase in real estate sales to 22.2 billion pesos in 2014, mainly driven by the increase in the pace of construction of sold units in six residential projects.

Cinemas and amusement facilities ac-counted for 12% of SM Prime’s consolidated revenues in 2014. Amusement and other revenues increased by 8% to 3.3 billion pesos in 2014. The increment was underpinned by the strong patronages of amusement rides

Alberto S. Villarosa Hans T. Sy


and additional recreational facilities provided by the management in various malls.

Manuel Paolo A. VillarPresident and CEOVista Land and Lifescapes INC

Homebuilder Vista Land and Lifescapes achieved record earnings in 2014 under-pinned by strong revenues from real estate sales. The net income jumped 13% to 5.71 billion pesos, compared with 5.06 billion pesos in 2013. In terms of geographic contri-bution, more than half of the revenues came from Luzon, particularly from the mega Manila area.

The company president and CEO Manuel Paolo Villar was pleased with the performance, noting that 2014 was another banner year for Vista Land. He attributes it to the company strategy, and given the strength of the property market, particu-larly in the housing sector, he says they will continue to focus on bringing their housing brands to families around the country.

Vista Land was able to take advantage of the rising middle class in the Philippines, which fuelled its growth. It points out the increasing affordability, not just in Metro Manila, but also in the provincial areas, which saw the company continuing to add to its existing footprint in 34 provinces and 76 cities and municipalities across the country.

With this type of performance, Vita

Land’s total consolidated assets rose to 106.8 billion pesos in 2014 from 84.5 billion pesos in the previous year. The company spent 21 billion pesos in capital expenditures (capex) last year as it launched 44 projects. It is ex-

pected that Vista Land will boost its capex in 2015 as it gears up for more project launches in existing areas as well as new locations. The company has strategically located landbank of 2,111.8 hectares nationwide, making it well-positioned to take advantage of the continued growth in the housing sec-tor going forward.

In 2014, Vista Land accessed the US dollar bond market to refinance the company’s existing indebtedness, partially financed its capital expenditures and for general corporate purposes.

The company first raised US$225 million for five years in April 2014 and later re-opened it for another US$125 million.

Singapore Lim Hwee Chiang JohnGroup CEO and Executive DirectorARA Asset Management Ltd ARA Asset Management posted total revenues of S$173.1 million and net profit of S$87.5 million in 2014. Recurrent manage-ment fees grew 10% year-on-year to about S$125.5 million, which was attributable mainly to higher REIT management fees arising from improved asset performance post the various asset enhancement initiatives undertaken. These underpinned the higher property valuations, as well as fees arising from the acquisitions made by the various REITs in 2013 and 2014. In addition, REIT management fees from the two privately-held Korean REITs subsequent to the acquisition of ARA Korea in April 2014 contributed to the increase.

The group’s asset under management rose to about S$26.3 billion as at December 31 2014 as it achieved a growth of about S$2 billion for the year, which was partially offset by the divestment of assets within the ARA Asia Dragon Fund portfolio. In January 2015, ARA announced the establishment of its Australian platform. With this, the group’s presence in the Asia-Pacific in further strengthened, in a regional network that spans 15 cities across six countries – Austra-lia, China, Hong Kong, Malaysia, Singapore and South Korea.

Higher portfolio management fees from the private funds division were generated from the Morningside Investment Partners, the ARA China Investment Partners, the ARA Harmony Fund and the new ARA Summit Development Fund I.

ARA Group CEO Lim Hwee Chiang John is excited that the group was able to establish its footprint in Australia and South Korea – being two of its identified target markets – and it is working to grow these fund platforms over time by tapping available the investment and capital raising opportunities.

Piyush Gupta CEODBS Group It was a watershed year for the DBS Group in 2014 as its net profit exceeded the S$4 bil-lion mark for the first time, rising to a record S$4.05 billion. Total income grew 8% to S$9.62 billion on the back of higher net in-terest margin, loan volumes and fee income. The non-performing loan rate improved to 0.9% and the allowance coverage of non-performing assets increased to 163%.

DBS CEO Piyush Gupta says the new milestone is a testament to the strength and resilience of the franchise. He says the group believes that the multiple business engines that it built are sustainable and scalable. DBS is also stepping up its investments in digital banking in line with the rapidly-changing ways in which people conduct banking.

The fee income went up 8% to S$2.03 billion and this performance was led by a 23% increase in wealth management fees from higher unit trust and bancassurance sales and a 27% jump in investment bank-ing fees due to robust debt capital markets activities.

Manuel Paolo A. Villar Lim Hwee Chiang John Piyush Gupta


All the business segments contributed to the increase in total income, with that from consumer banking/wealth manage-ment delivering a 14% rise to S$2.88 billion. The wealth management customer segment surged 19% to S$1.10 billion. Income from institutional banking rose 6% to S$4.97 billion, while the treasury segment income improved 7% to S$1.10 billion.

DBS has the largest base of online banking customers in Singapore with more than two million iBanking users and 850,000 mobile banking users. One of the products that it introduced in 2014 was DBS PayLah, a mobile wallet that allowed a customer to make peer-to-peer payments easier. It now has more than 180,000 registered wallets.

Also last year in October, DBS intro-duced SMS banking to its comprehensive suite of mobile banking offerings, allowing customers to perform simple banking trans-actions, including checking account balance, performing card payments and fund transfers to their own accounts outside of the internet banking environment.

Taiwan

Joseph Huang PresidentE.Sun Financial Holdings Company Limited

E.Sun Financial Holdings was all business again over the past year highlighted by its strong showing and bold plans, as well as among its companies engaged in banking, securities, insurance, and venture capital businesses in Taiwan. As of the quarter end-ing September 2014, the firm posted sterling

total revenues of NT$7.98 billion which put it on a path of steady growth over the previous quarter mark of NT$7.73 billion. Meanwhile, its net income over the same period stood at a robust NT$2.89 billion, an increase from the preceding quarter’s figures of NT$2.68 billion.

Its subsidiary E.Sun Securities Corpora-tion was upgraded to an AA- rating from Fitch Ratings in 2014, affirming the com-pany’s enhanced overall franchise strength particularly in SME lending and credit card issuance. As a result, its capabilities in this area have been well noted as a significant driver in the structural improvement towards its core earnings.

More recently, E.Sun Financial Holdings continued expanding its footprint in Asia at the start of 2015, following the granting of a green light to set up new operations in China and Vietnam for its E.Sun Commer-cial Bank. According to the mandate, the financial firm will take full flight in setting up a subsidiary and new branch in Shenzhen, Guangdong with the former having a RMB2 billion in capital. With these plans set in mo-tion in Shenzhen, E.Sun Financial Holdings can further capitalize on lucrative opportuni-ties generated by China’s economic engine. Over in Vietnam, the bank is poised to set up a branch in Dong Nai Province that will open its doors later this year. Such endeavors reflect the company’s blueprint to tap into the Southeast Asian market following the establishment of representative offices in Ho Chi Minh City, Yangon, Singapore and a subsidiary in Cambodia in recent years.

Daniel WuPresident and CEOCTBC Financial Holding Company Limited

CTBC Financial Holding produced another sound year in line with its aim of support-ing the nation’s developments and supplying financial services in collaboration with other national industries. As a result, the company has been able to provide ample support to Taiwanese businessmen overseas, on top of delivering assistance to local businesses.

Attesting to its vision of expanding outward onto the international stage, CTBC completed its landmark full acquisition of Tokyo Star Bank for US$519.4 million in June 2014, marking the first takeover of a Japanese bank by a foreign lender. The move is aligned with the firm’s solid plans of devel-oping its wealth management business and regional banking services in Japan.

CTBC Financial Holding then closed out 2014 on a resounding note as it opened a new chapter in its business by inaugurating its NT$1.5billion financial park in Nangang. The 333,000 square foot facility adopts the CTBC Financial Holdings’ mantra of ‘We Are Family’ and is impressively designed to elevate the company’s operational efficiency.

Its success has carried onto the new year, with CTBC Financial Holding post-ing NT$3.56 billion in terms of net profit in January 2015. The strong performance translates to a 23.81% increase as compared to the same period last year. Similarly, the firm recorded steady revenues of NT$22.3 billion as well as net income of NT$3.56 billion in the first month to set the tone for another promising year ahead.

Daniel TsaiChairmanFubon Financial Holding Company Limited

2015 started strongly for Fubon Financial Holding, as evidenced by the solid net profit of NT$15.45 billion that it posted for the first two months of the year. In comparison, the figure represents a remarkable 48% jump from the previous year. Its earnings per share continued the upward trend, coming in at NT$1.51 as compared to the NT$1.02 it delivered over the same period in 2014.

Fubon Financial Holding’s bottom line reflected the stellar performance at its flag-ship Fubon Life Insurance, which saw its net

Joseph Huang Daniel Wu Daniel Tsai


profit for the first two months of 2015 soar to 132% from the previous year to stand at NT$11.9 billion on the back of solid returns from its equity investments.

This comes on the heels of Fubon Financial Holdings topping its local peers’ profitability for the sixth successive year in 2014. It posted record highs in net income at NT$60.19 billion and earnings per share of NT$5.88 to cap off a banner year for the firm.

Looking ahead, Fubon Financial Hold-ing has its sights set on ramping up plans to expand its business further in Asia, anchored on its four core businesses of banking, life insurance, general insurance and brokerage. Keys to the blueprint are for the financial firm to establish operational bases on its own, as well as exploring potential mergers and acquisitions. In striving towards this objec-tive, the company is mulling the feasibility of a fund-raising scheme that will generate NT$50 billion, as part of its regional plans over the next three to five years.

Rong Jou WangChairmanYuanta Financial Holdings

Yuanta Financial Holdings opened up 2015 with robust revenues of NT$4.11 billion in February, representing a solid 32.5% year-on-year increase for the company. The performance to start the year follows in the footsteps of its glittering showing in 2014, underscored by net income of NT$16.538 billion, while accumulating total assets of NT$1,295 billion and total equity of NT$169.8 billion under its belt.

As Taiwan’s largest asset manager, its Yu-

anta Securities Investment Trust Company has placed itself in prime position to further develop its footprint in the Indonesian mar-ket with its recent acquisition of brokerage PT AmCapital Indonesia, in which it plans to inject as much as US$15 million. The move marks the conclusion of an astute deal struck in 2014 by Yuanta Financial Holdings for a 99% stake in the Indonesian company for approximately US$6.9 million.

Furthermore, the purchase provides the financial company additional exposure to the Southeast Asian market and comes as the Indonesian government’s drive of encourag-ing domestic financial companies to search for overseas businesses amidst competition at home. It also represents the second overseas acquisition for the Taiwan firm following its purchase of Korean securities house Tong-yang Securities last year.

Meanwhile, its life insurance arm Yuanta Life Insurance laid out plans to raise its mar-ket share to 3% from its current 1% driven by a renewed focus on long-term insurance policies. The endeavor points to further growth for the company, following Yuanta Financial Holdings’ acquisition of New York Life Insurance’s local unit which it subse-quently renamed to Yuanta Life.

Thailand Noriaki GotoPresident and CEOBank of Ayudhya Bank of Ayudhya manifested a solid perfor-mance in 2014 with net profit rising 19.5% to 14.3 billion baht, compared a year ago.

This was brought about by higher net interest income supported by loan growth, net fees and service income growth, and disciplined expense management, together with a lower loan loss provision.

Net interest margin amounted to 4.32%, driven mainly by lower cost of funds in line with a lower policy rate and a higher mix of lower cost of funds. Net fees and service income rose 3.1% underpinned by increases in fees in wealth, fund management and securities-related, auto hire purchase and bancassurance.

Loan growth was broad-based across all customer segments. The corporate segment was the key contributor with an increase of 9.5%, followed by small and medium enter-prises and retail segments, which increased by 6.9% and 6.3%, respectively. Deposits, on the other hand, went up 9.6%, representing a steady increase of 73.5 billion baht from 2013 – reflecting the successful launch of the 8-month step-up time deposit in June 2014 and sustained growth of special savings prod-ucts. The proportion of current and savings deposits as a percentage of total deposits was 50.7% as at the end of December 2014.

Bank of Ayudhya president and CEO Noriaki Goto says its prudent portfolio management mitigated against asset quality deterioration and this was reflected in its non-performing loan level for 2014, which was satisfactorily maintained at 2.79% of total loans.

The bank’s cost-to-income ratio improved to 48.5% in 2014 from 48.9% in the previous year, reflecting its disciplined ex-pense management throughout the year. The capital adequacy ratio stood at 14.7% - the same level as recorded in December 2013.

Somprasong BoonyachaiChairman of the Group Executive CommitteeIntouch Holdings Public Company The year 2014 was another successful one for Intouch Holdings as it was able to achieve its business targets. The net profit was up 1% to over 14.76 billion baht and the total shareholder return was 23%.

Intouch has continued its investment policy of searching for new business op-portunities that are an extension of its core wireless telecommunications and satellite businesses. This will broaden the company’s portfolio and deliver sustainable returns to

Rong Jou Wang Noriaki Goto Somprasong Boonyachai


the shareholders. Advanced Info Services, the company’s core investment, remains the market leader in Thailand’s wireless businesses in both revenue and the number of subscribers.

Intouch’s satellite business, Thaicom Plc, has continuously improved its perfor-mance and posted a net profit for the third consecutive year. Two new satellites, Thai-coms 6 and 7, were successfully launched into orbit in January and September 2014. In addition, the board of directors has ap-proved the construction of a medium-sized satellite, Thaicom 8, which is expected to be operational in 2016.

For 2015, Thaicom will continue to strengthen its “hot bird” strategy for Thaicom 5 and Thaicom 6. The number of satellite TV channels increased from 641 channels in 2013 to 702 channels in 2014. Thaicom 8, which is scheduled to be launched in the first half of 2016, will further increase capacity and number of channels at this prime orbital slot. For Thaicom 7, the company initially focuses on the telecom segment and will strive to create the “hot bird” strategy at the new orbital slot in the medium to long-term.

In order to understand customers in the different countries and satisfy their needs precisely, Thaicom will focus on a particular market segment in each country and offer solutions to serve the custom-ers’ needs to drive Thaicom 4 capacity utilization in countries that still have room to grow such as India, Indonesia and the Philippines.

Banthoon LamsamChairman and CEO KASIKORNBANK Kasikornbank reported a net profit of 46.15 billion baht in 2014, representing an increase of 11.68% from the previous year due mainly to higher net interest income. It resulted in a net interest margin that stood at 3.80%, improving from 2013 due to the gradual maturing of high rate deposits in 2014, which reduced the bank’s costs of funds. Moreover, non-interest income rose 16.84% due to improvement in net fees and service income and net insurance premi-ums. The efficiency ratio stood at 44.30%.

As at December 31 2014, Kasikorn-bank and its subsidiaries’ total assets were 2.39 trillion baht, up 4.33% from the end of 2013, driven by an increase in loans. Non-performing loan gross to total loans stood at 2.24% at the end of 2014, against 2.11% in the preceding year. The cover-age ratio was 141.38%, compared with 134.52% in 2013.

In 2015, Kasikornbank opened two representative offices in Ho Chi Minh City and Hanoi in Vietnam to support trade and investment expansion of Thai companies in the country. The two offices aim to enhance flexibility in taking care of corporate customers, which wish to expand their market in Vietnam. Among the main target customers are Thai companies that want to grow their trade and investment in Vietnam, as well as Chinese, Japanese and South Korean firms that intend to boost their international trade in the country.

Both Vietnamese offices will aid in cooperation between Kasikornbank head-

Banthoon Lamsam William Heinecke

quarters and Thai corporate customers in Vietnam, supervise investment projects financed by the bank, facilitate market research insights to support customers’ business planning and support trade and investment activities between the two countries.

They will likewise assist Vietnamese exporters in accessing the Asean market through international business networks, and offer transaction services to Thai SMEs through VietinBank, a partner of Kasikornbank.

William HeineckeChairman & CEOMinor International Minor International reported an all-time high net profit of more than 4.40 billion baht in 2014, representing an increase of 7% from 4.10 billion baht in the previ-ous year. The increment was attributed to improved performance of all three of the group’s core business units. Its strategic international expansion in recent years has not only driven revenue and earn-ings growth, but has also diversified its portfolio, which in 2014 helped Minor International overcame the political and economic challenges in Thailand to achieve the record performance.

Each of Minor International’s three core business units achieved year-on-year net profit in 2014. The hospitality business delivered a strong 9% rise in net profit, underpinned primarily by improved performance from its hotel operations, Anantara Vacation Club and Oaks.

While hotels in Bangkok, which ac-counted for 5% of Minor International’s total revenue, saw their occupancy and revenue per available room (RevPar) impacted by political events in 2014, the strong performance of its Thai upcountry hotels together with solid improvement of the performance of overseas hotels more than made up for Bangkok hotels shortfall resulting in system-wide RevPar growth of 3% over 2013.

The restaurant business posted a 3% year-on-year increase in net profit. System-wide sales rose 13.1% in 2014 as a result of 0.4% same-store-sales growth and the


addition of 164 new outlets. In 2014, the company’s leading position in the market as well as its ongoing work to strategically calibrate its menus and execute effective marketing campaigns continued to propel sales growth in spite of political uncer-tainty and general weakness in consumer spending.

The retail trading and contract manu-facturing business recorded a 21% rise in net profit in 2014 and this was spurred by the performance of the company’s fashion business. Amid the challenging market backdrop, the retail trading business implemented several cost-saving strategies while continuing to expand the number of outlets to set the stage for long-term growth opportunities when the operating environment returns to normal.

Pailin ChuchottawornPresident and CEOPTT Public Company Limited It was a challenging year for PTT Public Company Limited as it posted a lower net income of 55.80 billion baht in 2014 due to impairment losses of its assets totaling 36.71 billion baht in the fourth quarter and the higher depreciation and amortization expenses. However, this did not impact the cash flow of the company, with Ebitda still up from 2013 due to the improved performance of natural gas business.

Sales revenue in 2014 amounted to over 2.83 trillion baht, a mere 0.3% drop from a year ago due to lower average product selling prices of international trading business in line with reference

crude oil prices. Although the average product selling prices of oil business and its subsidiary PTT Exploration and Production (PTTEP) were affected from lower oil prices, the sales revenue of these business groups still increased due to the continuous growth of sales volume.

In 2014, the share of net income from investments in associates was lower at 2.94 billion baht due to subdued performance of aromatics petrochemical associates in line with the decline in spread margins of PX and benzene. The main reason was oversupply and lower growth in demand of downstream products in line with the global economic environment. The perfor-mance of refining business associates was likewise down in 2014.

Meanwhile, PTT posted gains in 2014 on the disposal of investments total-ing 1.08 billion baht mainly from selling Vietnam LPG Company, Nava Nakorn Electricity Generating Company and Ratchaburi Power Company.

In terms of depreciation and amorti-zation expenses, the amount rose 42.1% to 32.10 billion baht due to higher expenses of PTTEP in its Australasia project, which produce and sell crude oil. Gains on for-eign exchange rose from 210 million baht losses in 2013 to 11.16 billion baht gains in 2014 due to higher gains on exchange rate of PTT in relation to the lower baht depreciation rates against the US dollar compared with 2013.

Pailin Chuchottaworn Tevin Vongvanich

Tevin VongvanichPresident and CEOPTT Exploration and Production Public Company Limited PTT Exploration and Production (PTTEP) recorded weak results in the fourth quarter of 2014 because of lower oil prices, which more than offset the contribution from higher sales volume. Sales revenue fell 8% on a quarter-on-quarter basis to US$1.8 billion and its Ebitda fell 14% to US$1.2 billion – again as a result of lower realized petroleum sales prices. Despite the challenging performance, the company’s liquidity position remained strong, with a healthy cash balance of US$3.9 billion as of December 31 2014 against debt maturing within the next 12 months of US$749 million. In 2015, production volumes are projected to increase from levels seen in 2014 given that PTTEP will benefit from a full year of production from the Zawtika field in Myanmar, which began exporting natural gas in August 2014.

Last year, PTTEP announced the ac-quisition of the producing oil and gas assets of Hess Corporation in Thailand, compris-ing of a 15% stake in the offshore contract 4 project and a 35% stake in the onshore Sinphuhorm project. Post transaction, PT-TEP will own 60% of the contract 4 project and 55% of the Sinphuhorm project.

The company said that the US$1 billion acquisition cost and related capital expenditures (capex) US$670 million will add to PTTEP’s already large capex plan of US$16 billion during 2014-2018, which it had already reduced from US$17 billion as a result of a restructuring arrangement at its Canada KKD oil sands project. PT-TEP expects the operating cash flows from these two projects to sufficiently fund an additional capex investment of US$670 million over the next five years.

This acquisition and its 50:50 acquisi-tion of Hess’ 23% interest in the produc-ing Natuna Sea A project in Indonesia for US$325 million demonstrate the company’s commitment to its strategy of acquiring producing oil and gas assets. PTTEP has a target to achieve production of 600,000 barrels of oil equivalent per day by 2020, up from 329,413 barrels of oil equivalent in 2013.


Kannikar ChalitapornPresidentSiam Commercial Bank

Siam Commercial Bank bucked the dif-ficult market environment in Thailand as it registered its fifth year of consecutive profit growth in 2014, announcing an unaudited consolidated net profit of over 53.33 billion baht for the year, up 6.2% from 2013. The increment was attrib-uted mainly to the substantially higher net interest income primarily achieved through the significant reduction in interest expenses together with higher net fee income. The year- on-year increase was also partly offset by lower dividend income and lower net trading and foreign exchange volume.

In the fourth quarter alone, the un-audited net profit rose 4.1% year-on-year to 12.23 billion baht and this was driven too by the reduced interest expenses and higher fee income, but lower provision expenses – as an additional prudential provision was booked in the fourth quar-ter of 2014.

This year-on-year increase in net profit was partially offset by a large invest-ment gain that was booked in the fourth

quarter of 2013. The bank’s ability to deliver record

results against a challenging market backdrop is a testament to the agility of its operating platform, the soundness of its business strategy and the capability of its management and staff. Net interest income amounted to 81.10 billion baht in 2014, representing an increase of 11.1% compared with the preceding year. This was fuelled by the significantly lower interest expenses on deposits, despite the increase in the deposit volume – consis-tent with the bank’s strategy to proactively reduce its cost of deposits relative to its peer group. To a lesser extent, Siam Com-mercial benefited from the modest loan growth.

Non-interest income declined 6.9% year-on-year to 47.030 billion baht in 2014 due to lower dividend income, lower net trading and FX income, and lower net insurance premium. Meanwhile, loan quality remained stable despite consider-able downward pressure. The ratio of non-performing loans to loans stood at 2.11% as at the end of December 2014, down from 2.14% a year earlier.

Kannikar Chalitaporn DuongThi Mai Hoa

Vietnam DuongThi Mai HoaVice-Chairman and CEOVinGroup

VinGroup is one of the most dynamic business groups in Vietnam. In October last year, it acquired a 70% stake in Ocean Retail Group and renamed it VinMart Retail Group. This acquisition involved ownership of Ocean Retail’s 13 supermarkets as well as 40 others that are to be built in the future.VinGroup also announced its retail system development strategy involving the construc-tion or purchase of 100 VinMart supermar-kets and 1,000 VinMart+ convenience stores by 2017. The strategy aims to provide perfect service and quality goods to consumers.The company has established VinEcom with one billion dong in charter capital to create professional and reliable online retail channels. In September 2014, it concluded contracts to acquire 50 million shares, or a 10% stake, in Vinatex in preparation for the creation of VinFashion.In November, VinGroup announced the grand opening of VinPearl Phu Quoc Resort after only 10 months of construction. This is the largest resort in Phu Quoc Island, featur-ing the island’s first golf course and marks Phu Quoc emergence as an international standard resort destination.VinPearl Phu Quoc represents the latest luxury resort as part of the group’s strategy to expand the Vinpearl brand nationwide. As a dedicated company to responsible long-term developed, and backed by significant capital resources, Vinpearl Phu Quoc is expected to lead the island’s tourism and greatly contribute to the development of thePhu Quoc Special Economic Zone and become Vietnam’s new holiday paradaise.



China Hou RuiExecutive Vice-President & CFOChina Communications Services Corporation Ltd China Communications Services Corpora-tion continued to strengthen the manage-ment of cash flow and accounts receivable in 2014. Free cash flow for the year was 833 million renminbi, representing a significant improvement from 324 million renminbi in 2013.

In the wake of the complex and volatile internal and external operating environ-ment, the group adhered to its market-oriented approach, allocated its resources adaptively for the expansion of the three major customer markets – domestic telecommunications operators, domestic non-operator customers and overseas customers. It closely followed the pace of network construction and higher outsourc-ing demand of maintenance of domestic telecommunications operators.

Following the principles of efficient development, the group in 2014 actively expanded the domestic non-operator mar-ket and overseas market. While pursuing reasonable growth, the group scaled down the development of certain businesses with low operating efficiency and focused more on the optimization of revenue structure and the enhancement of income quality.

Total revenues from these markets increased 3.7% as compared with 2013, of which revenue from domestic non-operator customers reached a year-on-year growth of 4.4% and represented 30.4% of the total revenues. On the other hand, revenue

from overseas customers recorded a year-on-year drop of 0.6% and accounted for 5.2% of the total revenues.

In 2014, the group successfully developed several typical informatization turnkey projects and entered into strategic cooperation and centralized procurement agreements with well-known local and overseas enterprises for future coopera-tion in the development of “Smart City” and “Safe City”. The group also entered into contracts with 18 companies for the sale of Success Factors, a human resources management solution jointly promoted by the group and SAP. “Gripay”, an inter-net mobile financial service platform of the group, has built up its client base and gained brand awareness locally.

Xu YumingCFOChina Construction Bank Amid the challenging and complex eco-nomic conditions in domestic and overseas markets, China Construction Bank (CCB) reported a 12.16% rise in revenue to 570.47 billion in 2014, compared a year earlier. Operating income went up 8.92% to 556.74 billion and net profit increased 6.1% to 228.247 billion.

The bank accelerated the expansion of its overseas network and recorded rapid development in international business. It officially launched four subsidiaries – the Macau branch, the New Zealand subsid-iary, the Toronto branch and the Brisbane branch. It received domestic and overseas regulatory approval to set up entities, including those in London, Paris, Amster-

Hou Rui Xu Yuming Frank Lai

dam, Barcelona and Cape Town. CCB completed the acquisition of a

72% total share capital in Banco Industrial & commercial of Brazil and applied for the further establishment of entities in Chile, Zurich and Milan. At present, it has 21 tier-one subsidiaries in overseas markets, has accomplished the initial goal of cover-ing major overseas markets and has set up a correspondent banking relationship at headquarter level with 1,470 institutions in 138 countries and regions.

The bank has succeeded in issuing ren-minbi bonds in overseas markets in Hong Kong, Frankfurt, Sydney, Switzerland and Taiwan, which garnered strong investor demand. In April 2014, it launched the first public Swiss franc transaction by a Greater China issuer and the first by an Chinese bank amounting to CHF300 million – thus opening a long-awaited spectrum for investment in this market. It was also largest CHF offering from an Asian financial insti-tution since February 2011.

In June, a subsidiary China Construc-tion Bank Asia priced a US$400 million bond, which achieved the tightest spread for a five-year China bank issue. It attracted an order book of US$5 billion from 250 accounts and the robust demand led to a strong support in the secondary market as the bonds tightened further in the second-ary market.

Then in October 2014, CCB Asia raised a further US$750 million 1-year bonds, representing its debut US dollar is-suance of Basel III-compliant tier 2 bonds.

Frank Lai Executive Director and CFOChina Resources Enterprise Ltd It was a challenging year for China Re-sources Enterprise as it faced the financial impact arisen from the initial stage of the joint venture with Tesco PLC in the group’s retail division and the stagnant growth in China’s retail market. An injection of HK$4.325 billion in aggregate will be con-tributed from Tesco to the joint venture for funding the group’s restructuring cost.

The group takes the view that the joint venture will assist in the long-term develop-ment of the group’s retail division. It main-tained momentum in its expansion with the support of its balance sheet management


and it has net cash of HK$2.342 billion as at September 30 2014.

The food division is also undergoing business transition as manifested by the attributable loss it suffered in the first nine months of 2014 due to the high start-up and marketing expenses in the rice busi-ness.

China Resources is fully prepared to face with the market uncertainties and to seize any promising opportunities ahead. It will leverage its economies of scale in its four pillar businesses to promote opera-tional efficiency and profitability. It will likewise continue to adjust and optimize its development strategy to support the growth of its national presence.

Andi WuExecutive Vice-President and CFOChina Telecom Corporation Ltd The operations of China Telecom were on track as planned for the first nine months of 2014. Aligning to the country’s reform on value-added tax (VAT), China Telecom changed the development and marketing models to further reinforce the control over the marketing initiatives, especially the handset subsidies, enhancing the efficiency of resources utilization, but impacting the operating revenues to a certain extent.

The group will firmly seize the 4G development opportunities, fully leveraging the competitive strength of hybrid network and ensuring leadership in network quality of hybrid network trial to develop a good reputation amongst subscribers. It will actively cultivate the4G terminal indus-try chain and build a mature, complete efficiently-centralized 4G operating system

and will actively apply for the expansion of the LTE hybrid network trial footprint and LTE FDD license in order to get fully prepared to the comprehensive commercial launch of 4G.

At the same time, China Telecom will continue to focus on core services such as 3G and wireline broadband services, per-sisting in profitable scale development and promoting the implementation of compre-hensive in-depth reform to stimulate the inherent corporate vitality. The group will leverage mixed ownership to extend open cooperation and strengthen the capitaliza-tion of the complementary resources.

Zhong HuaCFOCNOOC Ltd CNOOC plans to reduce capital spending by between 26% and 35% in 2015 from the estimated realized capital expenditure (ca-pex) in 2014 and raise production volume by 10% to 15%. It expects to achieve these targets through cost control and efficiency enhancement despite the lower capex. Company CFO Zhong Hua says CNOOC, in response to challenges from falling oil prices, needs to control its costs and strive for the effective implementation of its capex plan in order to improve its overall performance.

It aims to slash its capital spending to between 70 billion renminbi and 80 billion renminbi in 2015 from 108.3 bil-lion renminbi in the previous year, which demonstrates the management willingness to preserve the company’s financial profile in a very challenging environment.

In one of the largest issuances in the

Andi Wu Zhong Hua Ding Guoqi

G3 market in 2014 out of Asia, CNOOC successfully executed a US$4 billion bond offering comprising of three tranche. It was the largest foray by CNOOC in the international bond market since May 2013 and it attracted a total demand of US$18.5 billion.

The first tranche amounted to US$1.25 billion for three years, paying a coupon of 1.625%, while the second tranche was for US$2.25 billion for 10 years with a coupon of 4.25%. This 10-year tranche size of US$2.25 billion represented the largest ever single tranche size issuance by a Chinese borrower. The final tranche was for US$500 million for 30 years, paying a coupon of 4.875%.

The transaction was executed within 21 hours and the deal was largely favoured by long-term high quality investors, including asset and fund managers, insurance compa-nies and sovereign wealth funds. Ding Guoqi Executive Director, Senior Vice-President & CFOFosun International Fosun International has established four business engines comprising insurance, industrial operations, investment and asset management. It strives to become a world class investment group underpinned by the twin drivers of insurance-oriented compre-hensive financial capability and industrial rooted global investment capability.

During the past 12 months, the company has initiated a number merger and acquisition transactions designed to enhance its business portfolio. In November 2014, Fosun’s wholly-subsidiary Transcen-dent Resources has closed the acquisition of Roc Oil Company, one of Australia’s leading independent upstream oil and gas companies, acquiring 92.6% of Roc Oil’s outstanding share capital.

Roc Oil has significant presence and experienced management team in China, Malaysia, Australia and the UK’s North Sea regions with proven and probable reserves of 17.4 million barrels of crude oil.

In another transaction, Fosun an-nounced on December 31 2014 that it entered into a definitive agreement under which it will acquire New York-listed Meadowbrook Insurance Group for a total consideration of about US$433 million. The


acquisition will enable Fosun to establish a significant presence in the US P&C market.

The company has more than one-third of its total assets invested in insurance businesses around the world, including investments in Yong’an P&C Insurance, Pramerica Fosun Life Insurance and Peak Reinsurance, as well as Fidelidade Group, the largest insurance company in Portugal. Previous to Meadowbrook, Fosun’s most recent investment in the insurance sector was an acquisition of a 20% equity interest in Ironshore in August 2014.

Then on February 12 2015, Fosun an-nounced that it had acquired 92.81 shares of Club Mediterranee SA with the other inves-tors. Fosun and its subsidiaries need to pay cash consideration of between 650 million euros and 700 million euros, in addition to the around 20% stakes that Fosun already owns.

Fosun has obtained funds from its Portuguese insurance businesses as well as third-party sources to partially fund the deal. and the estimated proceeds of

2 billion renminbi from its disposals of its stakes in China Minsheng Bank will help alleviate any liquidity pressure arising from this acquisition.

Bo YaoCFOPing An Insurance (Group) Company of China Bo Yao presided over a major capital mar-kets funding exercise for Ping An Insurance (Group) Company of China when the com-pany raised HK$37 billion in November 2014 through private placement as it builds its financial resources to support the growth of its subsidiary companies, including inter-net finance business.

The new capital will benefit such subsidiary as Ping An Bank, which the group pledged to inject between 14 billion renminbi and 17 billion renminbi – vital in maintaining the bank’s credit quality. Also likely to benefit is Ping An Life, which although boasts of solid capitalization, has high reliance on subordinated share issu-ances to support its solvency margin. Ping An Life is reported to be pushing its debt/net assets to the 50% ceiling set by the China Insurance Regulatory Commission, which would likely constrain future growth without the forthcoming equity capital.

The group fund raising attracted a consortium of institutional investors led by China’s internet giants Jack Ma of Alibaba Group and Pony Ma of Tencent Holdings, who could contribute to Ping An’s online distribution channel.

Before these investment, Ping An, Alibaba and Tencent had set up a new venture, called Zhong An Online Property Insurance, China’s first online insurance company designed to tap the rapidly growth online insurance sales.

The private placement represented the second largest such transaction in 2014 after CITIC Pacific, which raised nearly US$7 billion to fund its purchase of assets from its state-owned parent.

Thomas LiuExecutive Director, Senior Vice-President and CFOTCL Communications Technology Holdings

Overcoming fierce competition in the con-sumer market in the mobile communication sector, TCL Communication Technology Holdings performed well in a very competi-

Bo Yao Thomas Liu Thomas Tang

tive market. The emergence of more market players intensified the competition and exacerbated pressure on prices and margins of handset products.

Amid this prevailing market environ-ment, TCL Communications will continue its differentiated propositions in terms of focusing on its strengths such as offering high-cost performance value products with quality and tailor-made customer services in order to capture more market share.

But while gaining market share is the group’s priority objective, it will continue to exercise stringent cost and expenses control to optimize its operational efficiency. It believes that comparatively lean and mean organization structure helps the group adapt to the market changes in a timely manner.

In November last year, the company, together with TCL Corporation Holdings and TCL Multimedia Technology Hold-ings, announced the establishment of a joint venture to invest in and develop the TCL Smart Home businesses. The joint venture is established to effectively lead the integration of resources and product portfolios among the different business units of TCL group in order to achieve operational synergies.

Under the agreement, TCL Corpora-tion will own 30% of the joint venture, TCL Communication 40% and TCL Multimedia 30% by investing their pro-rata shares of 27 million renminbi, 36 million renminbi and 27 million renminbi, respectively.

TCL Smart Home will leverage the smart integration of mobile Internet, big data and cloud computing in capturing the broad prospects for development of the so-called Internet of Things. As the group points out, the Smart Home businesses, in the future, will unleash a new breakthrough to the horizontal integration of TCL prod-ucts and services as well as build competi-tive advantages.

Hong Kong

Thomas TangExecutive Director and CFOEsprit Holdings Ltd The first half of fiscal year 2014-2015 ended December 31 2014 was a challeng-ing period for Esprit Holdings as it faced headwinds, both internal and external,


that impacted on its sales performance. These include reduction in total controlled space, retail and wholesale combined, unusually warm weather in Europe, unfavouorable exchange rate movement and the finalization of the special return agreements in China.

These factors impacted on the group’s performance with the turnover posting a 13.2% decline year-on-year in local cur-rency to HK$10.72 billion. But despite the weak top line performance, Esprit remained vigilant in controlling costs and improving working capital management. In doing so, it achieved savings in operating expenses amounting to HK$724 million, representing a year-on-year reduction of 11.9%. It also maintained a health net cash balance of HK$5.23 billion as at Decem-ber 31 2014, compared with HK$5.18 billion the year before.

The Asia-Pacific accounted for 15.2% of the group’s turnover and reported a 16.9% decline year-on-year in local cur-rency terms. This was in line with the corresponding year-on-year reduction in total controlled space of 16.3% in the re-gion. In terms of distribution channels, the retail and wholesale businesses accounted for 89.1% and 10.9% of the Asia-Pacific turnover, respectively.

China is Esprit’s largest market in the region and accounted for 43.7% in terms of retail turnover, and 73.3% in terms of wholesale turnover. The latter, how-ever, posted a decline due to the special return agreements in China, which were implemented to address the aged inven-tory problem in the wholesale channel and which completed in the first quarter of the current fiscal year.

Tan Wei TzeExecutive Vice-President (Financial Services) & CFOGenting Hong Kong Ltd Genting Hong Kong registered an ad-justed net income of U$480.6 million in 2014 that excluded expenses related to the acquisition of Prestige Cruise Holdings and other items. The adjusted net revenue saw a 25.5% rise to US2.4 billion, which was driven by a 19.8% increase in capac-ity days coupled with a 4.85 improvement in adjusted net yield. The higher capacity days was primarily a result of the addition of Norwegian Breakawayand Gataway, which entered the Norwegian Cruise Line fleet in April 2013 and January 2014, respectively, and the addition of capacity days from the Prestige fleet.

Interest expense, net was US$151.8 million in 2014, down from US$282.6 million in the preceding year. The interest expense in 2014 reflected an increase in average debt outstanding associated with newbuild financing and debt incurred in connection with the acquisition of Prestige. This substantially offset by lower interest rates from the benefits of the redemption of higher rate debt and refinancing transactions.

The company experienced a negative impact in 2014 of US$10.3 million on its hedge portfolio due to revenue reductions in fuel prices compared to a benefit of US$4.7 million in 2013. Net of hedges, fuel price per metric tonne declined to US$625 in 2013. Genting Hong Kong’s fuel consumption per capacity day dropped 3.1%

Tan Wei Tze Ed Lam Dennis Tam

Ed LamLi & Fung Ltd CFO It was a year of transition and investment for Li & Fung as the successful spin-off in 2014 of Global Brands has allowed the group to focus on ways to create value for its custom-ers across its core businesses of trading and logistics, which positions it well in the future.

The company reported solid results in 2014 against a challenging macroeconomic environment. Despite difficult retail condi-tions in a number of key markets, the busi-ness delivered overall growth in turnover. As part of the transition and in line with invest-ments historically made in the first year of a new Three-Year Plan, Li & Fung took the opportunity to invest in strategic initiatives for future growth. The increase in top-line turnover was offset by reduced margins and required investments, which had an adverse impact on core operating profit.

Total turnover went up 1.4% to US$19.29 billion, with the total turnover in logistics rising by 66%, while the trading business was stable. Meanwhile, total margin dropped 2.2% due to an overall reduction in margin across the supply chain as a result of brands and retailers conducting heavy pro-motional sales. In addition, the total margin was also impacted negatively by the shift in the mix of its business from principal to the lower margin agency business.

Cash flow from operating activities for 2014 was about US$638 million, while cash and bank balances and availability under committed bank facilities at year-end were about US$539 million and US$704 mil-lion, respectively. These sources were more than sufficient to cover short-term debt of US$162 million, annual capital expenditures of about US$80 million, and declared and special dividends, which in 2015 should amount to about US$300 million.

Dennis Tam Group Finance DirectorMelco Group Melco Crown Entertainment was in strong financial position at the end of 2014 with total cash and bank balances as of Decem-ber 31 2014 of US$3.5 billion, including US$100 million of bank deposits with


original maturity over three months and US$1.8 billion of restricted cash, primarily related to Studio City. Its total debt at the end of the fourth quarter of 2014 stood at US$3.9 billion.

Capital expenditures for the fourth quarter of 2014 amounted to almost US$600 million, which predominantly related to Studio City and City of Dreams Manila, as well as various projects at City of Dreams, including the fifth hotel tower.

Amid the drop in gross gaming rev-enues in Macau in 2014, Melco Crown can weather this market backdrop. Based on an estimate by the rating agency Moody’s In-vestors Service, under a scenario of around 10% year-on-year decline in Macau gam-ing revenues in 2015, on top of the 2.6% decline year-on-year for year 2014, it expects the credit profile of MCE Finance, which owned Melco Crown, to remain strong sup-ported by low leverage with projected debt/Ebitda fo around 1.5x in 2015 and 2016 and robust liquidity.

The decline in Macau’s gaming revenue has been driven mainly by a material decline in VIP gaming as the Chinese government continues its efforts to combat corruption and slowing economic growth – and these factors are expected to pressure Macau’s gaming revenues in 2015.

Au Tak CheongCFONew World Development Company Ltd New World Development Company main-tained sound financial position as it remains one of the pillars of the Hong Kong econo-my. As a leading property developer in Hong Kong, it has total asset value of HK$378.5

billion as at December 31 2014. The company produced solid results in

2014 with profit attributable to shareholders of the company of over HK$5.85 billion, an increase of 29% from the corresponding period a year ago. The underlying profit rose 5% to HK$4.41 billion. The proportion of segment contribution from property-related businesses amounted to 75%.

The sound financial position puts New World in a position to take advantage of the opportunities with cash on hand and bank balances of HK$63.4 billion. The com-pany’s net gearing was 22.8%, while that of the group stood at 26.1%, a drop of 1.2 points from 2013.

In October 2014, the company subsid-iary, New World China Land, tapped the US dollar bond market for US$900 million. The five-year deal was priced at 99.676% with a coupon of 5.375% to offer a yield of 5.45%. The proceeds from the bonds will be used for general working capital purposes.

The net gearing ratio and cash bal-ance of the group maintained at optimal levels and the group can respond to various market challenges with its strong financial position. It will leverage its extensive market experiences, sound financial position and brand advantage to accelerate its asset turn-over, deepen its regional centralized procure-ment systems and product standardization processes as well as enhance its cost control.

Chris LeeCFOPAX Global Technology Limited PAX Global Technology, one of the world’s leading electronic funds transfer point-of-sale terminal solution providers, recorded

Au Tak Cheong Chris Lee Guy Look

strong growth of 61% in business revenue amounting to over HK$2.37 billion in 2014. Profit for the year attributable to equity holders of the company jumped 73% toHK$391.8 million.

Revenue from China, excluding Hong Kong, Macau and Taiwan increase 33% to HK$1.39 billion, while revenue from overseas market more doubled to HK$987.3 million in 2014, representing an increase of HK$560.9 million or 132%. The significant increase was mainly accounted for by the breakthrough in the Middle East and Brazil, as well as to established sizable and effective sales channels in other overseas market.

As at December 31 2014, the group maintained strong financial position with cash and short-term bank deposits of HK$1.92 billion and zero borrowing. PAX says it will actively seek M&A opportunities and start expansion in the payment value chain. It seeks potential M&A or partnership opportunities that can enhance its techno-logical know-how and/or market share.

Going forward as well, the company will continue to develop innovative prod-ucts to meet customer requirements and demand, while capturing opportunities in new markets. PAX constantly enhances its research and development capabilities, expands and optimizes its sales and after-sales service networks and enlarges the scope of business and its market share in major international markets.

By leveraging its strong position in E-payment terminal solutions market in China and consolidated international market experience, the company believes that PAX will be able to capture the opportunities of rapid development in the mainland and emerging markets as well as other important international markets.

Guy LookExecutive Director and CFOSa Sa International Holdings Ltd Sa Sa International Holdings achieved a group turnover of US$6.75 billion in the nine months ended December 31 2014, up 4.6% from the corresponding period a year ago. The group’s retail and wholesale turn-over rose 5.2% to US$5.44 billion. Same store sales growth was up 2.6% year-on-year, while the average sales per transaction amounted to HK$385.


The group had a net increase of six stores for its network in the third quarter. The increment includes two stores in Hong Kong and Macau, two stores in Malaysia and two stores in Taiwan, while store number in China and Singapore remained unchanged. As at December 31 2014, the group’s retail network had a total of 285 stores, including six single-brand stores/counters.

The number of transactions attribut-able to mainland Chinese customers grew by about 20%, but this was narrowed by the decline in average sales per transaction. These customers demand less high-priced products resulting in a drop in average sales per transaction attributable to them. In addition, sales of gifts during the traditional gift-giving season in December were affected by the Chinese government’s ongoing anti-corruption campaign.

This also resulted in a decline in the sales of premium products and holiday gift sets and weakened the group’s sales performance in December.

Daniel WanManaging Director and CFOShui On Land Ltd Shui On Land posted a 4% rise to 10.2 bil-lion renminbi in revenue year-on- year, while gross profit margin improved from 32.1% in 2013 to 33.6% in 2014. With a stable fair gain on investment properties of about 3 billion renminbi, the company reported a net profit of 2.5 billion renminbi, compared with 2.7 billion renminbi in the previous year.

The company’s total debt surged from 16.2 billion renminbi to 54 billion renminbi, which led to the worsening in net debt to equity to 115% in 2014 from 80% a year ago.

It had a short-term debt of about 11 billion renminbi, of which 5.7 billion renminbi was already repaid in 2015. The key focus is the 3.2 billion renminbi syndicated loan due in the fourth quarter of 2015.

The loan is secured by investment proper-ties and so it is likely that it will be rolled over.

In November 2014, Shui On Land, through Shui On Development (Hold-ings) tapped the US dollar bond market for US$500 million. The three-year offering was priced at par with a similar coupon and re-offer yield of 8.70%. The proceeds were used to repay existing debt with near-term maturities and to fund the capital expen-ditures related to the group’s real estate or equipment.

In 2014, presales amounted to 9.75 bil-lion renminbi, against its target of 12 billion renminbi, to reflect fewer properties avail-able for sale in Shanghai as well as weaker demand in second and third-tier cities. For 2015, the company targets presales of 18 bil-lion renminbi, of which 8 billion renminbi is from residential and 10 billion renminbi from commercial sales.

The company guided total capital expenditures are estimated at about 10.5 bil-lion renminbi in 2015, down from 15 billion renminbi in the previous year.

Total cash outflows, on the other hand, are projected at between 18 billion renminbi and 19 billion renminbi in 2015.

Velencia LeeCFO and Company SecretarySino Land Company Limited Sino Land reported core interim earn-ings of HK$1.71 billion for the six months to December 31 2014, compared with

Daniel Wan Velencia Lee Patrick Chan

HK$2.48 billion a year ago as it booked lower development profits and reported smaller contributions from the disposal of investment properties. Net profit, including fair value changes on investment properties, amounted to HK$3.73 billion, against HK$5 billion in the comparative 2013 period.

Amid such performance, the group boasts of strong financial position and is well-positioned to response to challenges go-ing forward. As at December 31 2014, Sino Land had cash and bank deposits of about HK$15.27 billion. After netting off total bor-rowings of HK$5.95 billion, the group had net cash of HK$932 billion. Of the total bor-rowings, 16.7% was repayable between one and two years, and 83.3% repayable between two and five years

As at December 31 2014, the group had a total land bank of 40.2 million sq ft in Hong Kong, China and Singapore with properties under development totaling 27.9 million sq ft. The land bank comprises of a balanced portfolio of properties of which 64.7% is resi-dential, 22.8% commercial, 5.6% industrial, 3.7% car parks and 3.2% hotels. Sino Land will continue to be selective in replenishing its land bank to optimize its earnings potential.

Meanwhile, the overall business perfor-mance of the group’s hotels, namely The Fullerton Hotel, The Fullerton Bay Hotel and Conrad Hong Kong was steady during the interim period. The group will continue to improve on the quality of its hotel services to ensure its discerning guests have enjoyable experiences during their stays in the hotels.

Patrick ChanExecutive Director and CFOSun Hung Kai Properties Ltd

Sun Hung Kai Properties will continue to expand its property business in Hong Kong amid the heightened competition in the local property market. With the public recognition of its premium brand as well as its quality products and services, the group is confident of its ability to remain as a market leader. It will continue to acquire land with the goal of increasing its produc-tion for sale over time, particularly in Hong Kong where more opportunities are likely to arise.

In January this year, Sun Hung Kai announced the signing of a five-year HK$10 billion syndicated credit facility


with a consortium of 12 leading interna-tional and domestic financial institutions. The loan will be used as general work-ing capital for business development in Hong Kong and to refinance some of the group’s maturing debts as well as to extend its debt maturity profile.

The fund raising demonstrated the group’s continuing exuberant support from the banking community as the facil-ity was oversubscribed from HK$5 billion to HK$12.3 billion, with the final upsized amount of HK$10 billion

Sun Hung Kai also received cash proceeds of about HK$10 billion from the exercise of warrants, which were issued in April 2014. During the next 14 months, it is expected to receive additional cash of over HK$12.20 billion when the remain-ing warrants are fully exercised. This will certainly boost the group’s liquidity and financial position.

Adhering to its conservative risk man-agement policy, the majority of Sun Hung Kai’s bank borrowings are denominated in Hong Kong dollars, while the remainder is US dollar and renminbi. The group has not entered into any derivatives or struc-tured product transactions for speculative purposes.

Sun Hung Kai’s strong financial position is reflected in its low gearing and healthy interest coverage ratio. Net debt to shareholders’ funds stayed at a low level of 13% as December 31 2014.

Andy CheungExecutive Director and CFOThe Link REIT The Link REIT has been active in the Hong Kong dollar debt capital market so far this year, making two forays to raise a total of HK$1.39 billion. The first fund raising was in early February when it suc-cessfully priced a HK$650 million fixed rate notes due 2022 at a coupon of 2.4% per annum. The seven-year note offering was in line with its capital management strategy to secure longer financing at low cost. The company attributes the competi-tive pricing to its strong credit ratings. The notes are conducive to its long-term growth strategy and is a testament to its commit-ment to improve The Link REIT’s business and financial performance.

The company returned to the debt market in March when it printed a much longer fund raising for 15 years amounting to HK$740 million. The proceeds will be used for general corporate funding require-ments, including new investment opportu-nities and refinancing of existing debt.

Also in March 2015, the company announced the successful acquisition of EC Mall in Beijing for 2.50 billion ren-minbi – marking its first mainland China investment acquisition and signifying an important move in its business diversifica-tion. The acquisition, the company says, represents its first step towards entering into a new geographical market for business. The EC Mall contributes to its strategy of long-term investment in real estate assets that are sustainable, income producing properties.

With this investment, The Link REIT

Andy Cheung Suresh Vembu

continues to build long-term income and capital growth, while maintaining a large and diversified portfolio of real estate in Hong Kong and other jurisdictions, including China. The acquisition is a solid long-term investment opportunity to grow the company’s property portfolio and bring potential value returns to its unit holders.

Indonesia Suresh VembuCFOPT AKR CORPORINDO PT AKR Corporindo announced in early March 2015 the setting up of a new joint venture company PT Energi Manyar Sejahtera (EMS). The company was established with the objective of building and developing power plants as part of the development of Java Integrated Industrial and Port Estate (JIIPE) located in Gresik, East Java. The main business activity of the joint venture is in the field of industry, trade and services of power plant.

EMS will commence pre-feasibility studies for the development of power plants, which would not only serve the locators of JIIPE, but also contribute to the overall industrial growth of East Java.

The current ratio of AKR continues to be healthy. The inventory of petroleum and basic chemicals reduced in 2014, re-sulting in lower current assets at year-end. The company retained a strong balance sheet during the period with adequate liquidity and low leverage. During the year, the company reported significant positive operating cash flows, while the working capital management manifested improvements through reduced inventories and lower short-term loans. Industrial estate land inventory under development of 2.183 trillion rupiah represented the land currently being developed for JIIPE project.

In 2014, the return on equity of the company has improved to 15.9% from 14.7% in the preceding year, while return on assets rose from 4.4% to 5.5% over the same period. Dividend payouts have been consistently in excess of 30% of its net profit in the past five years.

The total assets of the company stood


at 14.792 trillion rupiah as at December 31 2014, slightly higher than 14.633 trillion a year earlier.

Malaysia

Mandy Jean SimpsonGroup CFOAmBank Group The AmBank Group reported a profit after tax and non-controlling interests of almost 1.40 billion ringgit in the nine months of fiscal year 2015 ending December 2014 due to non-interest income, expense management and lower allowances. This translates to a return on equity of13.5%, while return on assets rose to 1.56%. Cost-to-income ratio improved 1.7% to 45%, while CASA (current account and savings account) went up 6.8% and accounted for 21% of the total customer deposits.

The group’s asset quality was stable with gross impaired loans at 1.88% and loan loss coverage above the 100% market. This comes as AmBank adopted a more conservative risk appetite on selected seg-ments, focused on acquisition of better risk grade customers as well as enhanced collec-tion efforts. The improving asset quality is more pronounced within retail banking.

In March 2014, AmBank group’s Is-lamic banking subsidiary AmIslamic Bank broke new ground as it issued Malaysia’s first Basel III-compliant tier 2 subordinated sukuk issuance and the world’s first Basel III-compliant tier 2 subordinated sukuk to be issued under the Shariah principle of murabaha based on commodity trading.

The 200 million ringgit offering has

a maturity of 10 years and callable at the end of year five with a semi-annual profit payment of 5.07% per annum. The sukuk was issued under the 2 billion ringgit sub-ordinated sukuk murabaha programme, a 30-year programme that will provide AmIs-lamic Bank with greater flexibility to issue sukuk of varying tenures on a “need to” basis from time to time to fund its general working capital requirements that conforms with the Shariah principles.

Yik Sook LingCFOPublic Bank

Public Bank is in a healthy capital posi-tion following two significant fund raising exercises in 2014. The two transactions were part of the group’s capital manage-ment strategy aimed to further strengthen the group’s capital position to support its continuous business growth as well as to build an adequate level of capital buffer in preparations for the more stringent capital requirements under the Basel III capital framework.

As a result the group’s common equity tier 1 capital ratio went to strong level of 10.8%, tier 1 capital ratio to 12.2% and total capital ratio to 15.8% as of the end of 2014 after taking into account the provision for second interim dividend.

The bank raised US$1.5 billion through a renounceable rights issue, with the subscription ratio set at one new share for 10 existing shares, priced at 13.80 ring-git per share. At that point in time, it was the largest bank equity deal in Asia, outside of Japan, and the largest Malaysian rights issue since 2010. It was also the largest

Yik Sook Ling Stephen G. Paradies

banking rights issue in Southeast Asia since 2009 and the largest Basel III-related equity capital raising in Southeast Asia.

In another deal, the bank’s Islamic banking subsidiary Public Islamic Bank raised in June 2014 a 500 million ringgit sukuk – the proceeds of which will be used towards working capital and generate cor-porate purposes. The 10-year sukuk has an annual return of 4.75% and was drawn un-der the 5 billion ringgit sukuk programme. The bank has said in April 2014 that it had established a Basel III-compliant sukuk programme, with the funds to be treated as tier 2 regulatory capital.

Philippines

Stephen G. ParadiesCFOAboitiz Equity Ventures Aboitiz Equity Ventures (AEV) reported a net profit of 18.4 billion in 2014, represent-ing a 13% decline from the previous year brought about by lower earnings contribu-tion from its power and banking busi-nesses. For the full year, the power business accounted for 71% of the total earnings, followed by banking (18%), food (7%) and land development (4%).

Aboitiz Power Corporation is allotting 52 billion pesos in capital expenditures in 2015 as part of its five-year plan to increase its total capacity by over 2,000 megawatts (MW). The funds will be appropriated for the construction of the 420MW Pagbilao base load plant in the province of Quezon, which commenced construction in late 2014 and the 340MW Therma Visayas base load facility in Cebu, which will break ground within 2015.

Another 300MW will come from Therma South, which will start operations in the first half of 2015, and this project will provide power to the Mindanao grid. The expansion of the unit 3 of Therma South involving 170MW will also begin construction within this year. In other proj-ect, the 68MW Manolo Fortich hydropower plant in Bukidnon will also start construc-tion in 2015.

Aboitiz Power is also expanding its renewable energy portfolio by exploring new sources such as solar and geothermal.


It says it will build renewable power where it makes sense and will always remain reso-lute in protecting the environment and the interests of its host communities.

Meanwhile, AEV’s main banking unit, Union Bank of the Philippines, recorded a lower profit contribution of 3.2 billion pesos in 2014. This came despite a 20% increase to 10.6 billion pesos in net interest income, which was offset by a 35% drop to 8.2 billion pesos in other income principally due to lower trading gains.

Jaime E. YsmaelCFOAyala Land

Ayala Land has allotted 100 billion pesos for capital expenditures (capex) in 2015 primarily earmarked for the completion of ongoing developments and launches of new residential and leasing projects, which will help sustain the company’s growth trajectory in the coming years.

The plans for the year include the de-velopment of the Bacolod Capitol project which will kick-off with the groundbreak-ing of the residential, retail, office and hotel components of the estate. The company will also start the development of the 11-hectare mixed-use project at Balint-awak, Quezon City – these and more as it completes its many estates with a diverse line of projects ranging from homes, offices and shopping centres to hotels and resorts, and hospitals.

To support the 100 billion pesos capex this year, Ayala Land raised 16 billion pesos through an overnight top-up placement in January – the single largest capital raising exercise in its 23-year history as a listed

entity. Its parent company, Ayala Corpora-tion, sold 484.84 million Ayala Land com-mon shares at 33 pesos each, representing a 5.7% discount to its last traded price.

The company says the equity place-ment will help Ayala Land pursue its growth plans and achieve its long-term strategy and Ayala Corporation affirms that it continues to be a key component of its portfolio and an important driver of growth of the group.

The transaction saw strong participa-tion from global institutional investors with the deal size multiple times oversubscribed. About 90% of the demand came from foreign investors and existing long-term shareholders.

Pedro M. Florescio IIIExecutive Vice-President and TreasurerBDO Unibank Inc

BDO Unibank continued to actively man-age its balance sheet and its capital struc-ture. On March 26 2015, it announced that it has raised 7.5 billion pesos from the issuance of long-term certificates of deposit that generated a strong response from both retail and institutional investors.

As the offering was twice oversub-scribed, the bank raised the issuance amount from the initial target of 5 billion pesos and closed the transaction two days ahead of schedule. BDO says the deal was intended to lengthen the maturity profile of its funding sources, as well as support its medium-term growth plans.

The certificates of deposit have a tenor of 5-1/2 years with a final interest rate of 3.75% per annum. They offer tax exemption on interest income for individual

Jaime E. Ysmael Pedro Florescio III Betty Siy-Yap

investors if held for at least five years; quarterly interest payments; deposit insur-ance coverage with the Philippine Deposit Insurance Corporation up to maximum of 500,000 pesos per depositor; and negotia-bility subject to market conditions.

In November 2014, BDO launched the offering of Basel III-compliant tier 2 notes of up to 10 billion pesos to supple-ment its current capital position in further support the lending growth. The notes have a maturity of 10 years and one quarter with a redemption option exercisable by the bank after five years and one quarter. The final coupon rate was set at 5.1875%, pay-able every quarter

The bank’s capital base in 2014 stood at 180 billion pesos, with both the capital adequacy ratio and common equity tier 1 ratio all comfortably above the regula-tory minimum requirement under the Basel III framework at 14.6% and 12.4%, respectively.

With a strong business franchise, sustained growth strategy and solid capital base, BDO says it is well-positioned to take advantage of emerging opportunities, as well as face potential market challenges.

Betty Siy-YapCFO Meralco Manila Electric Company (Meralco) had capital expenditures (capex) of 12.4 billion pesos in 2014, including those for new load requirements and system reliability, up from 10.2 billion pesos in 2013. The capex com-mitment continues to deliver strong returns. The 12-mlonth moving average system loss fell to just 6.5% at the end of December 2014. This level was 2 percentage points lower than the regulatory cap of 8.5%, which translates to savings for its customers of 4.6 billion pesos in 2014.

Meralco is holding discussions with Osaka Gas Company of Japan to build natural gas facilities worth about US$2 bil-lion, aiming to tie up long-term electricity supply. The project includes the construc-tion of a power plant with capacity of up to 1,500 megawatts (MW) and a facility to converft imported liquefied natural gas.

The company is preparing a memo-randum of understanding with Osaka Gas for the project, which will be located on the


main island of Luzon. Meralco is venturing into generation to secure ample long-term supply for customers.

In another investment, Meralco is buying a 60% stake in Comstech Integra-tion Alliance Inc. The two companies have been partners in running Pampanga Electric Cooperative since 2014. Un-der the deal, Meralco will subscribe to the three million new shares with a par value of 100 pesos apiece to be issued by Comstech. The value of the transaction is pegged at 300 million pesos.

Luis Juan B. OretaCFO and TreasurerManila Water Manila Water ended 2014 at a steady pace, posting a 1% growth in consolidated net income to 75.8 billion pesos mainly un-derpinned by improved billed volume and higher contribution from new businesses. In spite the absence of a tariff adjustment, the East Zone concession recorded profits on the back of a 4% growth in billed volume owing to a modest increase in service con-nections. Manila Water sustained its non-revenue water in East Zone at 11.3%.

The company’s operating units outside the East Zone concession sustained solid growth in billed volume. Laguna Water recorded a 52% increment in profits follow-ing the acquisition of the water reticulation system of Laguna Technopark in January 2014 and new service connections. Bora-cay Water and Clark Water both posted double-digit growth, expanding 32% and 17%, respectively.

The company’s associates based in Vietnam Thu Duc Water, Kenh Dong

Water and Saigon Water Infrastructure Corporation contributed healthy earnings. Manila Water’s new businesses accounted for 11% of its net income in 2014.

Through a subsidiary, Manila Water delivered its first batch of water to the Metro Cebu Water District in January 2014 under the Cebu bulk water project. It provides 18 million liters per day in the first year and 35 million liters per day in the succeeding years to Cebu City.

Francis C. CanutoCFOMegaworld Corporation Following another robust performance in 2014, Megaworld Corporation expects to maintain similar growth momentum gener-ated in the past, achieving a double- digit net income growth every year on the back of a stronger and bigger township port-folio. Five townships that were launched in 2014 and another five townships to be launched in 2015 will increase the com-pany’s township developments by 20 by the end of 2015.

The company is investing 35 billion pe-sos in the next 10 years to build two town-ships in the province of Negros Occidental in the Visayas region. The first township, to be called The Upper East, is located on a 34-hectare property that used to be the Bacolod-Murcia Milling Company on the eastern side of Bacolod City.

The second township will be called Northhill and is located on a 50-hectare property along the new Circumferential Road on the boundary of Talisay City and Bacolod City that has direct access to the new Bacolod-Silas Airport.

Luis Juan B. Oreta Francis C. Canuto David J. Nicol

Megaworld, together with three other big companies – Aboitiz Equity Ventures, Ayala Land and SM Prime Holdings – has formed a consortium to bid for the

123.8 billion Laguna Lakeshore Ex-pressway and Dike Project. The consor-tium, called Trident Infrastructure and Development Corporation, was formed to pre- qualify for the project and evaluate the feasibility of the project with the view of submitting a competitive bid proposal for what is considered to be the biggest public private partnership project under the presi-dent of Benigno Aquino III.

The project includes the construc-tion of a 47 kilometers expressway and a 45- kilometer flood control dike, and the reclamation of around 700 hectares of land in the western part of Laguna Lake.

David J. NicolCFOMetro Pacific Investments Corporation Metro Pacific Investments Corporation (MPIC) raised in February this year 8.88 billion pesos from a share sale to finance its infrastructure projects. The company sold 1.81 billion shares at a price of 4.90 pesos each, or at a lower end of the price guid-ance of between 4.85 pesos and 5.10 pesos – a discount of between 2.7% and 7.4% to its 30-day volume weighted average share price of 5.24 pesos.

The deal garnered strong interest from institutional investors in Asia, especially within the Philippines, Europe and the US. It diluted the stake of its major shareholder Metro Pacific Holdings from 55.8% to 52.13%

MPIC has increased its capital spend-ing budget in 2015 to 58.2 billion pesos after it decided to include the construction costs for the extension of Light Rail Transit (LRT) Line. The figure was 4.5 billion pesos higher than the 53.7 billion pesos set in November 2014.

Of the previous amount, 17.5 billion pesos were allotted for water, 10.2 billion pesos for toll roads, about 14.7 billion pesos for power, 2.3 billion pesos for hospital group and around 9 billion pesos for its initial investment for the LRT-1 Cavite ex-tension public-private partnership project.


Ferdinand K. ConstantinoSenior Vice-President, CFO and TreasurerSan Miguel Corporation San Miguel Corporation had another good year of strong performance as its consoli-dated revenue rose 5% to 782 billion pesos in 2014. Recurring income leapt by an an-nual 244% to 27.9 billion pesos on the back of robust growth across its business units.

In March this year, San Miguel launched an offer to buyback as much as half of the US$800 million bonds the company issued two years ago as part of its debt clean-up. In a filing to the Philippine Stock Exchange, the company says it is offering to redeem up to US$400 million notes in cash until April 1 2015 as part of its policy to actively manage its balance sheet liabilities and to achieve a lower run-ning cost of debt.

The notes are due 2023 and the bond-holders, under the buyback, will be given a premium of 1.25% over the purchase price agreed at a modified Dutch auction to investors who chose to surrender the notes ahead of maturity. The bid range is set at between 92.5% and 95%.

Also on March 26, the company announced that it had obtained board ap-proval for a planned reissuance and private placement of 300 million preferred shares. It said in a filing with the stock exchange the terms and conditions of the private placement will be in accordance with its amended articles of incorporation.

In another disclosure to the stock exchange, San Miguel said its board has approved the transfer of 48.47% of the outstanding shares in Atlantic Aurum Investments BV to San Miguel Holdings

Corporation, which give it a bigger share in the earnings of the companies that oper-ate the South Luzon Expressway and the Skyway.

Jose T. SioExecutive Vice-President and CFOSM Investments Corporation SM Investments Corporation (SMIC) bucked the lack of hefty trading gains of its banking business as it chalked up a record consolidated net income of 28.4 billion pesos in 2014, up 3.65% from 27.4 billion pesos in the preceding year. Consolidated revenues went up 9% year-on-year to 275.7 billion pesos from 253.3 billion pesos in 2013 driven by good retail sales which also boosted rental revenues in the group’s property business.

Executive Vice-President and CFO Jose Sio expects SMIC to exceed the single digit in 2015 as it will be a good year for the Philippine economy. He says for SMIC, it sees a brighter business environment and it will continue its growth plan. The group is allocating between 75 billion pesos and 80 billion pesos in 2015 to finance its busi-ness expansion.

SMIC’s banking business – comprised of BDO Unibank and China Banking Corporation – accounted for 41% of the group’s income. BDO and China Banking saw flat earnings of 22.8 billion and 5.11 billion, respectively, as sustained growth in its core businesses offset thelacklustre trad-ing gains in 2014.

The retail segment, which accounted for 21% of the SMIC’s earnings, boosted its net income by 3.3% to 5.9 billion pesos. Sales climbed 9% to 197.1 billion pesos.

Ferdinand K. Constantino Jose T. Sio

The food retail business, on the other hand, opened 28 new stores across the country in 2014, teaming up with local and foreign players to fast-track its expan-sion nationwide.

SMIC is growing its community mall supermarket franchise in partnership with CityMall Commercial Centres and Wal-terMart Group of Companies. It is also de-veloping small format mini-marts through a joint venture with Alfamart of Indonesia.

The group has added new locations in Cauayan City in Isabela province and Cabanatuan City in Nueva Ecija for its department store business. As at end-2014, SM Retail had a total of 269 stores, com-prising of 50 SM Stores, 40 supermarkets, 42 hypermarkets, 113 Savemore stores and 24 WalterMart stores.

In June 2014, SMIC priced US$350 million bonds for 10 years – the proceeds of which will be used for general corporate purposes, including refinancing of existing debts. It was the longest dated US dollar bond by the company and its fourth issu-ance since 2009.

Jeffrey C. LimExecutive Vice-President and CFOSM Prime Holdings Inc The transformation of SM Prime Hold-ings into a property conglomerate is bearing fruits, producing results above the management expectations. In 2014, the company reported a consolidated net income of 18.4 billion pesos, representing an increase of 13% from the previous year, on the back of an 11% growth in revenues to 66.2 billion pesos.

This positive performance is expected to continue in 2015 as the company pur-sues its expansion plans with the opening of four new malls, the completion of FiveE-comCenter and the launch of five new housing projects. This is to complement the expansion of the existing malls and ongo-ing construction of high-rise residential development projects.

In 2014, SM Prime raised 20 billion pesos from its multi-year bond offering, marking its debut in the domestic bond market. In a disclosure to the Philippine Stock Exchange in late August 2014, it an-nounced that it has raised the fund raising from the initial amount of 15 billion pesos


due to strong demand from both retail and institution investors.

The offering comprised of bonds due 2020 paying an annual interest of 5.1% per annum, another tranche due 2021 with an interest rate of 5.2006% and another tranche due 2024 at 5.7417% per annum. The bonds were purchased by a wide range of investors consisting of individuals in the retail market, banks, investment funds, pension funds, insurance companies and other corporates.

Last year, SM Prime’s consolidated costs of real estate amounted to 12.3 bil-lion pesos, up 3% from 2013. The slower increase in expenses was due to improving cost efficiencies as well as the rationaliza-tion of expenses. This resulted to improve-ment in gross margin to 45% in 2014 from 43% a year earlier. Net income margin, on the other hand was sustained at 21%.

The overall interest expense, on the other hand, rose 11% to 4.1 billion pesos in 2014, compared with 3.7 billion pesos in the preceding year brought about by new bank loans and the 20 billion peso bonds.

Singapore

Cheryl Seow Group CFOARA Asset Management Ltd ARA Asset Management will maintain its focus on the pursuit of further growth in ARA Private Funds in tandem with the planned expansion of its new platforms in Australia and South Korea. The company, in announcing the setting up the Austra-

lian platform in January 2015, says it is a target market that offers investment and capital raising opportunities that would support the future growth of its funds plat-form. It will also strengthen its presence in the Asia-Pacific region as it expand its reach to 15 cities across Singapore, Hong Kong, China, South Korea, Malaysia and Australia.

In November 2014, Hui Xian REIT, one of ARA Asset’s managed real estate investment trusts, announced the proposed acquisition of the entire interest in an integrated commercial property develop-ment located at the Jiefangbei central business district of Chongqing in China for a purchase consideration of 3.91 bil-lion renminbi.

ARA Asset enhanced its portfolio when in launched on May 8 2014 a new development fund to complement its suite of private real estate funds under manage-ment. The ARA Summit Development Fund is mandated to invest in real estate development projects and projects with value enhancement potential in Australia and Southeast Asia. Straits Real Estate Pte Ltd, the new co-investment vehicle estab-lished by The Straits Trading Company and Mr. John Lim, through its wholly-owned subsidiary, is the lead and anchor investor with a capital commitment of US$80 million.

With this, ARA Asset has expanded its suite of private real estate funds under ARA Private Funds to range from development-focused products to core in-vestment products and would extend ARA Private Fund’s geographical reach in Asia to include Australia.

Jeffrey C. Lim Chng Sok Hui

Chng Sok HuiCFODBS Group DBS Group is undoubtedly one of the well-capitalized financial institutions in Asia. The common equity tier 1 capital adequacy ratio in 2014 was 13.1% and the total capital ratio was 15.3%. The bank also posted another remarkable performance in 2014, with its net profit exceeding the S$4 billion mark for the first time to a record S$4.05 billion. There was ample liquidity to support business growth with strong deposit base

In July 2014, DBS successfully issued a US$1.25 billion dual tranche bond of-fering consisting of five-year floating rate tranche amounting to US$500 million and five-year fixed rate tranche amounting to US$750 million. The deal represented the inaugural US dollar-denominated bench-mark international bond offering by DBS Group – one of the few AA-rated bank holding companies globally.

The transaction was very well received by global investors with a total order book size of US$3.1 billion, com-prising 155 real money accounts. The floating rate tranche attracted orders north of US$600 million, while the fixed rate portion garnered demand of more than US$2.5 billion.

In February this year, DBS launched a programme that will provide financing to tech start-ups, expanding the range of capital raising options available to techno-preneurs. It is making available an alterna-tive source of capital for these firms to tap on, with little or no dilution to their equity. Tech start-ups can use DBS venture debt for working capital, fixed assets acquisition and even project financing.

To qualify, tech start-ups must be strongly backed by DBS’ partner ven-ture capitalists such as Vertex Venture, Monk’s Hill Ventures and Golden Gate Ventures. They should have raised at least S$1 million of Series A funding, be incorporated for at least two years, be in operation for at least one year and have demonstrated that their business model is commercially viable.


Taiwan

Rachael KaoCFOCTBC Financial Holding Company Limited

CTBC Financial Holding Company marched onwards with its aim to provide its customers with globalized and more convenient financial services in the past year, as the parent company and its subsid-iary CTBC Life Insurance pulled through on its acquisition of Manulife Taiwan to usher in 2014 on a high note. The financial firm purchased the Canadian company’s Taiwan business for NT$724 million as part of its broader efforts to diversify its sources of income and subsequently boost its earnings potential. In addition, the deal underpinned the company’s strategic move that enables CTBC Life Insurance to offer its clients a greatly expanded portfolio of exceptional quality products and services. As a result, CTBC Life Insurance’s total assets were bumped up from NT$164 bil-lion prior to the deal to more than NT$200 billion that placed it as the ninth largest insurer in Taiwan.

Kicking off 2015, the firm remained on track with its steady performance, posting NT$14.36 billion in revenues during the shorter month of February, alongside net income of NT$2.5billion. Its flagship unit Chinatrust Commercial Bank remained an integral contributor to the cause on the back of its continued expansion in Southeast Asia which allowed it to enhance cross-border offering between branches, as well as develop local businesses to boost the business scale in the region. On the capital

market front, the bank advanced its efforts to develop treasury and structured finance operations in China and Southeast Asia, as well as established trading centers in Hong Kong and Singapore to bolster its overseas capital market product capabilities.

Connie LinCFOYuanta Financial Holding Company Limited

Yuanta Financial Holding posted impres-sive net income of NT$16.538 billion and earnings per share of NT$1.65 over the past year, underscoring its flourishing operations across securities brokerage, secu-rities financing, banking, insurance, futures, investment trust, investment consulting, venture capital and asset management. The firm’s year-to-date figures indicate a paral-lel or even more fruitful year ahead with net income standing tall at NT$2.15 billion for the year ending on February 2015.

Yuanta Financial Holding’s cemented its renowned market leadership which stood out once again in the eyes of local and foreign investors alike, controlling over 13% of the market share in the securities brokerage sector on top of maintaining a sizeable advantage in securities margin financing with nearly 21.5% of the market share. Its Yuanta Securities unit has enjoyed a solid start to the year thus far, deliver-ing a year-to-date net income of NT$1.16 billion in February. Likewise, Yuanta Bank and Yuanta Securities Finance followed suit with net income of NT$749 million and NT$134 million over the same period.

The financial firm looks to spread its wings outside Taiwan even further this year

Rachael Kao Connie Lin Trithip Sivakriskul

with an unwavering focus on expanding in the Greater China region. In line with this, it currently uses Hong Kong as its base of operations to provide cross-border services, in addition to other operations such as capital market fundraising and equities trading for institutional investors, as well as investment research and consulting services. Moreover, its Hong Kong operations serve as a hub for devising sound strategies to capitalize on further expansion into China when opportunities arise.

Thailand

Trithip SivakriskulCFOMinor International

Minor International executed a number of strategic transactions in 2014, which further diversified its earnings base and strengthen the company’s foundation for growth going forward. In the hospitality business, the company invested in four additional hotels and mixed-use properties in Mozambique, bringing its total number of investments in that country to five. It also acquired significant shareholding interests from Sun International, a listed entity in Johannes-burg, in a diverse portfolio of six hotels in Botswana, Lesotho, Namibia and Zambia.

In February 2015, the hotel group an-nounced a partnership with Dubai Properties to develop a new Anantara to open in Dubai in early 2018. The luxury hotel will comprise 290 guest rooms, a rooftop pool, a spa and a range of restaurants, bars and retail outlets. It will also boast of waterfront views from its ballroom and conference facilities.

Also in February, it entered into a collaboration agreement with Destination Resorts & Hotels (DRH) to develop an Anantara resort in Malaysia. Under the accord, both parties will identify a suitable location to co-develop a luxury resort and residences under the Anantara brand. Established by 2010 by the Malaysian government’s investment arm Khazanah Nasional, DRH is mandated to transform Malaysia’s tourism landscape by delivering commercially sustainable resort destina-tion to address the needs of an increasingly discerning global tourism market.

Then in early March 2015, it also


announced the addition of Anantara Siam Bangkok Hotel to its luxury portfolio and will become the brand’s flagship in its home market of Thailand. The group is investing US$20 million to enhance the hotel over the coming months refurbishing some of the guest rooms and public areas. With the addition of Anantara Siam Bangkok, the brand now includes a total of 34 properties in 10 countries. Anantara has a pipeline of more than 10 future properties to be added, and continues its strategic expansion across its current footprint, including in a number of new countries.

In the restaurant business, Minor International established in 2014 a joint venture company, BTM Thailand together with the BreadTalk Group, a listed com-pany in Singapore, to operate a bakery business under the BreadTalk brand in Thailand. The company’s associate entity in Australia, Minor DKL Food Group, acquired a controlling stake in Melbourne-based VGC Food Group, which owns and operates three retail coffee and food concepts.

Wirat UanarumitCFOPTT Public Company Limited Amid the weak operating results in 2014 and a sharp decline in oil process during the last quarter of the year, PTT still boasts of strong liquidity profile. As at December 31 2014, the company had cash and cash equivalent of 203.8 billion baht, compared with 85 billion baht of debt maturing in the next 12 months. PTT also had a well spread-out maturity profile with around 43% of its total long-term borrowings

maturing after 2019. Going forward, the rating agency

Moody’s Investors Service says weak industry fundamentals will constrain refin-ing margins throughout 2015 after the company reported a net loss of 8.1 billion baht from its refining associations in the fourth quarter of 2014, resulting from the large inventory loss suffered following the steep decline in crude oil prices during the three-month period.

The operating results will likely remain under pressure in 2015 because of the fall in oil prices as it has already impacted earnings across PTT key business segments – upstream exploration and production, re-fining and petrochemicals. PTT’s upstream business – through its 65%-owned sub-sidiary PTT Exploration and Production – remained the key earnings contributor of the group in the fourth quarter of 2014, ac-counting for 78% of the Ebitda during the quarter and 70% of its full year Ebitda.

Penchun JarikasemCFOPTT Exploration and Production Public Com-pany Limited The plunge in oil prices did not spare PTT Exploration and Production PCL (PTTEP) as it reported a 63% decline in net profit in 2014 to US$677 million. The fourth quarter alone, the net loss was US$739 mil-lion, compared with a net profit of US$239 million the year earlier due mainly to impairment loses totaling US$997 million on assets in Australia and Canada.

PTTEP has investments in 43 oil and gas projects in 11 countries, primarily to meet Thailand’s energy demand. Its main

Wirat Uanarumit Penchun Jarikasem Deepak Sarup

product, natural gas, accounts for about 70% of its business by volume.

In July 2014, PTTEP undertook a major fund raising as it priced the first ever US dollar hybrid bond issuance from a Thai corporate amounting to US$1 billion. The transaction was priced amid the politi-cal uncertainty in Thailand and marked the first rated perpetual hybrid from a South-east Asian corporate. It was also the largest ever international debt issue by PTTEP.

In pricing the deal, PTTEP minimized the execution risk by adopting an intra-day execution strategy. It generated demand of US$5.6 billion from over 310 accounts with a strong participation from high qual-ity institutional investors. Ahead of the transaction, the company undertook a swift and efficient two-day, two-team investor roadshow in Asia and London.

The transaction likewise marked a highly successful return of PTTEP in the US dollar bond market as it previously printed a US dollar senior issue in Septem-ber 2013.

Deepak SarupCFOSiam Commercial Bank Siam Commercial Bank set unsubordinated unsecured short-term debenture program of up to 50 billion baht in June 2014 to replace its existing programme, also for 50 billion baht,that expired on July 15 2014, Deben-tures issued under the programme will have a maturity of no more than 270 days, and can be issued in several tranches within the year.

Proceeds from the issuance will be used for the bank’s general corporate purposes. The debentures issued under the programme will constitute direct unsubordi-nated and unsecured obligations of the bank

Siam Commercial has grown relatively quickly in recent years, but at the same time, it has maintained acceptable levels of capital and improved its asset quality buffers as exemplified by strong loan loss reserve coverage.

In April 2014, Siam Commercial priced a US$750 million five-year bonds with a coupon of 3.50%. The transaction was the first US dollar bond issuance out of Thailand in 2014 with the proceeds to be applied to meet the bank’s and its foreign branches’ funding requirements and for


Surachai Kositsareewong Duangdao Wongpanitkrit Prisana Praharnkhasuk

general corporate purposes. The bonds were distributed to high quality fixed in-come investors comprising mainly of fund managers, banks, insurance companies and sovereign wealth funds.

Surachai KositsareewongSenior Executive Vice-President, Accounting and Finance Bangchak Petroleum Public Company Limited

Bangchak Petroleum and its subsidiaries earned 183.02 billion baht in sales and service revenue in 2014. Ebitda amounted to 5.16 billion baht, while net finance cost fetched 1.43 billion baht. Net profit amounted to 756 million baht, resulting in net earnings of 711.6 million baht to the shareholders and 44.8 million baht to the minority shareholders.

During 2015-2016, the group plans to invest 20 billion baht, mainly on explo-ration and production, as part of the programme to spend 90 billion baht in the next six years to boost its business. About 60% of the two-year budget will be spent on upstream exploration with the remain-der to be allocated in the Bangchak’s renewable business.

The group has been diversifying into biofuel and solar power to minimize risk from the refinery sector. It has acquired about 80% of the Australian oil and gas explorer Nido Petroleum in 2013 to secure energy supplies.

Bangchak plans to raise its refining capacity to 105,000 barrels per day in 2015 with an estimated average refining margin at about U$6 per barrel to US$7 per bar-rel. Its 120,000 barrel-per-day refinery had an average crude run of 86,480 barrels per

day in 2014, down from 99,340 barrels per day in 2013 due to annual maintenance.

The group plans to raise the capac-ity of its renewable power plants by 300 megawatts during the next two years, while more than doubling its biodiesel production capacity to 810,000 liters per day.

Bangchak expects core earnings before Ebitda of 10.4 billion baht in 2015, rising to 25 billion baht in 2020.

Duangdao WongpanitkritCFOBank of Ayudhya

Bank of Ayudhya and its business units is the fifth largest financial group in Thailand in terms of assets, loans and deposits and is now a strategic member of the Mitsubishi UFJ Financial Group of Japan. It is the largest card issuer in Thailand with 6.2 million accounts in its portfolio, a major automobile financing service provider, one of the fastest growing asset management companies and a pioneer in microfinance.

There is no doubt that the successful integration of Bank of Tokyo-Mitsubishi UFJ Bangkok branch into Bank of Ayudhya has further enhance the latter’s business growth platform. This followed a solid performance in 2014, in which Bank of Ayudhya achieved a 19.5% increase in net profit to 14.3 billion baht from a year earlier, despite a challenging economic environment.

The bank achieved a new milestone in 2014 as loans outstanding topped the one trillion baht mark – reflecting its successful execution in providing products and ser-vices – thus meeting its customers’ financial requirements across all segments. Despite

strong headwinds in the first half of the year, its prudent portfolio management enabled it to maintain good asset quality. This was exemplified in its non-performing loans level for 2014, which was satisfactorily maintained at 2.79% of the total loans.

As at December 31 2014, the total assets of Bank of Ayudhya amounted to 1.2 trillion baht, with loans of 1.01 trillion baht and 837.6 billion baht in deposits. Its capital structure remained strong at 132.4 billion baht, equivalent to 14.7% of risk-weighted assets with 11% in tier 1 capital

Prisana PraharnkhasukExecutive Vice-President, Finance & Accounting Thai Oil PCL Thai Oil boasts of strong balance sheet with low financial leverage that provides adequate headroom to absorb the expected stock losses arising from the sharp fall in crude oil prices. It has large production size compared with domestic peers, complex production capacity and cost competitive-ness. The continuous improvements in efficiency and an increase in higher value products have helped Thai Oil maintain its competitive position.

The company’s forward integration into aromatics, lube base oil and solvents has broadened its product range and reduced margin volatility. Expansion into benzene derivatives will enhance its product range. Higher earnings are expected from Thai Oil’s power generation business from 2016 as two new co-generation plants come on stream, although the contribution from power generation to overall Ebitda will be small at around 6% to 8%.

As the rating agency Moody’s Investors Service points out, Thai Oil’s credit profile is tempered by the inherent cyclicality of its businesses. The company has only one production site. Its high dependence on PTT for sales is partly mitigated by PTT’s strong credit profile and by its position as Thailand’s main oil marketing and trading company.

Thai Oil has large production size com-pared with its domestic peers. Continuous improvements in efficiency and an increase in higher-value products have helped Thai Oil maintain its competitive position. The complex configuration and low operating cost of its refineries have likewise supported high utilization rates.

CorporateGovernanCeasia January-MarCh 201519CorporateGovernanCeasia January-MarCh 201541CorporateGovernanCeasia January-MarCh 201519

CorporateGovernanCeasia January-MarCh 201542CorporateGovernanCeasia January-MarCh 201588

Small-and-medium-sized enterprises to dominate IPOsReflecting its status as the international capital raising platform for Greater China, PwC expects 120 new compa-nies to list in Hong Kong in 2015 - 100 on the main board and 20 on the GEM board. Total funds raised are expected to come in at HKD 200 billion.

In 2014, HKD 227.8 billion were raised, representing an increase of 33% on the HKD 171.3 billion raised the year before. Last year saw 122 new list-ings (vs. 112 in 2013). 103 of these were on the main board (against 89 in 2013). Retail, consumer goods and services dominated with 46% of new listings, followed by financial services (including real estate) at 16%. Total funds raised in 2014 amounted to HKD 225.7 billion. There were 19 listings on the GEM board (down from 23 in 2013). Retail, con-sumer goods and services, along with indus-trial products, were the main sectors, with 37% and 32% of new listings respectively. A total of HKD 2.1 billion were raised on the GEM board last year.

“The positive momentum that started in the second half of 2013 carried through to 2014. Although the IPO market slowed down slightly in the second quarter because of geopolitical and other concerns, it bounced back in the second half,” says Benson Wong, Assurance Partner, PwC Hong Kong. “Ample funds in the Hong Kong and overseas markets, together with steady data coming out of the US and China gave a further boost to new list-ings in the second half. A number of mega-sized IPOs – those rais-ing over HKD 10 billion each – were also successfully launched.”

Hong Kong’s position as a leading international fundraising

platform is further underlined by its rise to second position worldwide in terms of fund-raising activity in 2014. The climb up from fourth place was thanks to a wave of mega-sized listings.

Investors are generally confident that they have successfully identified and fac-tored in all the major challenges to the IPO

market this year. These include a long-expected hike in interest rates by the US Federal Reserve, uncertainties over the global economy and depressed oil prices. Together with sufficient funds available in the market, PwC believes Hong Kong’s IPO market for 2015 will continue to be active,“As China’s leadership puts it, China is adjusting to a ‘new normal’. But even with a moderate growth rate, China will continue to enjoy a signifi-cant margin over even the most optimistic scenario for the US. We believe there’s an appetite

among investors in companies that will benefit from the continued growth of China’s economy. At the same time, the Hong Kong-Shanghai Stock Connect provides further incentives to inves-tors” says Edmond Chan, Co-Head of Capital Markets Services, PwC Hong Kong. “ “We expect to see more Chi-nese companies, both state and private-owned, looking to Hong Kong as the ideal place to raise both capital and their international profile especially given the relaxation of the H-share list-ing requirements and closer collabora-tion with the CSRC.”

PwC expects small-and-medium-sized companies to dominate Hong Kong’s IPO markets in 2015. While the retail and consumer products and ser-vices and financial services sectors are also expected to take up a large share

of new listings again this year. In terms of the Shanghai and Shen-

zhen markets, PwC expects 200 new listings in 2015 (vs. 125 in 2014), with total funds raised estimated at RMB 130 billion (sharp-ly up on the RMB 78.6 billion last year). In-creasing domestic investors’ appetite, along with reforms put in place to internationalise the market and increase transparency, are expected to greatly benefit China listings.

“Looking ahead, the Hong Kong-Shanghai Stock Connect will achieve its full potential in the medium term. The city’s position as the largest RMB offshore mar-ket and its sound financial infrastructure will continue to strengthen its image as an at-tractive listings destination,” adds Mr Chan.

PwC has no doubt that Hong Kong will maintain its position as one of the top three IPO markets in the world this year. Its effort to expand its range of products and review its regulations and practices to keep up with the pace of international developments are essential steps in maintaining that competi-tiveness in the long run. n

=== “===

We believe there’s an

appetite among investors in companies

that will benefit from

the continued growth of China’s

economy

=== ”===

Hong Kong IPO expects to see over 100 new listings in 2015

Hong Kong will maintain its position as one of the top three IPO markets in the world this year

IPOIPO

H O N G K O N G

CorporateGovernanCeasia January-MarCh 201543CorporateGovernanCeasia January-MarCh 201588

Small-and-medium-sized enterprises to dominate IPOsReflecting its status as the international capital raising platform for Greater China, PwC expects 120 new compa-nies to list in Hong Kong in 2015 - 100 on the main board and 20 on the GEM board. Total funds raised are expected to come in at HKD 200 billion.

In 2014, HKD 227.8 billion were raised, representing an increase of 33% on the HKD 171.3 billion raised the year before. Last year saw 122 new list-ings (vs. 112 in 2013). 103 of these were on the main board (against 89 in 2013). Retail, consumer goods and services dominated with 46% of new listings, followed by financial services (including real estate) at 16%. Total funds raised in 2014 amounted to HKD 225.7 billion. There were 19 listings on the GEM board (down from 23 in 2013). Retail, con-sumer goods and services, along with indus-trial products, were the main sectors, with 37% and 32% of new listings respectively. A total of HKD 2.1 billion were raised on the GEM board last year.

“The positive momentum that started in the second half of 2013 carried through to 2014. Although the IPO market slowed down slightly in the second quarter because of geopolitical and other concerns, it bounced back in the second half,” says Benson Wong, Assurance Partner, PwC Hong Kong. “Ample funds in the Hong Kong and overseas markets, together with steady data coming out of the US and China gave a further boost to new list-ings in the second half. A number of mega-sized IPOs – those rais-ing over HKD 10 billion each – were also successfully launched.”

Hong Kong’s position as a leading international fundraising

platform is further underlined by its rise to second position worldwide in terms of fund-raising activity in 2014. The climb up from fourth place was thanks to a wave of mega-sized listings.

Investors are generally confident that they have successfully identified and fac-tored in all the major challenges to the IPO

market this year. These include a long-expected hike in interest rates by the US Federal Reserve, uncertainties over the global economy and depressed oil prices. Together with sufficient funds available in the market, PwC believes Hong Kong’s IPO market for 2015 will continue to be active,“As China’s leadership puts it, China is adjusting to a ‘new normal’. But even with a moderate growth rate, China will continue to enjoy a signifi-cant margin over even the most optimistic scenario for the US. We believe there’s an appetite

among investors in companies that will benefit from the continued growth of China’s economy. At the same time, the Hong Kong-Shanghai Stock Connect provides further incentives to inves-tors” says Edmond Chan, Co-Head of Capital Markets Services, PwC Hong Kong. “ “We expect to see more Chi-nese companies, both state and private-owned, looking to Hong Kong as the ideal place to raise both capital and their international profile especially given the relaxation of the H-share list-ing requirements and closer collabora-tion with the CSRC.”

PwC expects small-and-medium-sized companies to dominate Hong Kong’s IPO markets in 2015. While the retail and consumer products and ser-vices and financial services sectors are also expected to take up a large share

of new listings again this year. In terms of the Shanghai and Shen-

zhen markets, PwC expects 200 new listings in 2015 (vs. 125 in 2014), with total funds raised estimated at RMB 130 billion (sharp-ly up on the RMB 78.6 billion last year). In-creasing domestic investors’ appetite, along with reforms put in place to internationalise the market and increase transparency, are expected to greatly benefit China listings.

“Looking ahead, the Hong Kong-Shanghai Stock Connect will achieve its full potential in the medium term. The city’s position as the largest RMB offshore mar-ket and its sound financial infrastructure will continue to strengthen its image as an at-tractive listings destination,” adds Mr Chan.

PwC has no doubt that Hong Kong will maintain its position as one of the top three IPO markets in the world this year. Its effort to expand its range of products and review its regulations and practices to keep up with the pace of international developments are essential steps in maintaining that competi-tiveness in the long run. n

=== “===

We believe there’s an

appetite among investors in companies

that will benefit from

the continued growth of China’s

economy

=== ”===

Hong Kong IPO expects to see over 100 new listings in 2015

Hong Kong will maintain its position as one of the top three IPO markets in the world this year

IPOIPO

H O N G K O N G


Aboitiz Group (Philippines)

Going beyond the traditional definition of corporate social respon-sibility is the mantra instilled and wholeheartedly carried out by Aboitiz Group, and the firm has even further elevated the level of integration of CSR into their business operations. To meet and surpass stakeholders’ expectations, the firm through its dedicated Aboitiz Foundation has meticulously aligned its CSR focus with its corporate strategies.

Under the guidance of its well-defined Sustainability Policy, Aboitiz Group is of the view that it can perform well by doing good, and always making sound long-term decisions that balance the interests of the people, planet and profit. Coinciding with this philosophy are strengthened corporate governance programs to ensure more transparency, safeguard the interest of all stakeholders and engage communities.

With CSR instilled as a core component of its business opera-tions, Aboitiz Group is well positioned to uplift the lives of people through constantly engaging and partnering with its host commu-nities to promote inclusive growth. In particular, on the education front, Aboitiz Group similarly goes beyond giving and designing programs that have a greater impact on the communities. In this light, the Aboitiz Foundation continues to intensify its education-related initiatives by lining up projects to help develop and enhance science-based competencies among elementary students. It also offers alternatives for high school students who do not have the means to pursue a college education.

AmBank Group(Malaysia)

AmBank Group places optimum priority in giving back to the vari-ous communities in which it operates. This is more than reflected in its corporate social responsibility structure of organizing and implementing diverse and far-reaching initiatives that benefit the marketplace, the community at large, the environment, and its own employees’ well-being.

In fulfilling its responsibility to the community, AmBank Group stays closely linked to the community by reaching out to society with compassion and remaining committed in addressing a wide range of issues connected to the development of sustainable com-munities. As such, the bank has engaged in activities that benefit the less fortunate, those in distress situations, youth, sport, culture, and the media.

Internally, AmBank Group goes all out to provide the best possible support to foster its staff’s well-being, development and intellectual growth, stemming from its principle that an engaged workforce will be able to contribute more positively to the bank

and to the community at large.In taking care of the environment, AmBank Group continues

to implement a host of green initiatives to remain environmentally responsible and reduce wastage by recycling paper, using double- sided printing, minimising colour printing and using electronic communications instead of hard copy printouts where possible.

In the years to come, AmBank Group looks to advance and en-hance its CSR activities and initiatives. Through these efforts, the firm has been able to reaffirm its commitment to fulfilling its social responsibility and further contribute to a better society, as well as Malaysia’s growth, development and prosperity.

ARA Asset Management Ltd(Singapore)

ARA Asset Management strives to achieve sustainability and a posi-tive ethical impact on the numerous societies that it operates in. Its sustainability philosophy has guided it in its decision-making and the execution of its business plans, as well as serving as a guiding light on how it engages and interacts with its spectrum of stakeholders.

Furthermore, ARA Asset Management strongly believes that a successful corporation is not only defined by its business needs and achievements, but also by the positive role that it can play in the community. In putting this into practice, the company not only strives to be among the elite integrated real estate fund manag-ers, but also a firm that always does the right things and places its investors’ interests as a priority. As a result, the firm has admirably conducted its business in a responsible and sustainable manner, car-ing for people, and sharing its skills and success with the community that it lives and operates in.

Good corporate citizenship is fundamental to ARA Asset Man-agement and over the years it has accelerated efforts in contributing to its community and paying forward through multiple initiatives. Its long-standing commitment includes driving its business towards sustainable growth and success, supporting philanthropy through volunteerism and charitable activities, taking care of people, as well as respecting and preserving the environment at large.

Ayala Corporation (Philippines)

Through its compassionate social development arm Ayala Founda-tion, the Ayala Corporation has understood the realities prevailing in the various communities in which it operates, and seeks to engage people in the process. Since its establishment, the company has strived to build and nurture its flourishing partnerships with both public and private groups, as well as civil society with a collective goal of attaining impact, scale and sustainability for everyone involved.

Creating a better society is a hallmark of the Ayala Foundation as it actively consults its program communities to have a better grasp of their dreams, needs, aspirations and their capacities. The foundation’s interventions in the areas of education, youth leadership, sustainable


livelihood, and arts and culture have facilitated the participation of a wider group of people residing in the communities as Ayala Corpora-tion espouses that every community member is an active partner and not merely a beneficiary or recipient of its endeavors

The Ayala Foundation is also a strong believer of public-private partnerships. As such, every sector in its program communities has a designated role to accomplish to contribute to the overall effective-ness and sustainability of its numerous programs. In recent years, the foundation stepped up its commitment to partnership by rolling out a new tagline ‘As One We Can’, which has helped inspire the extension of its work in communities across the areas of education, youth leader-ship, sustainable livelihood and arts and culture, paving the way for a brighter future ahead for society.

Bank of Ayudhya PCL (Thailand)

Bank of Ayudhya has exemplified excellence in corporate social re-sponsibility, which mirrors its commitment to giving back to society as a whole and to the different communities where its employees re-side and where the extensive network of banks it operates. Its social responsibility innovation has helped the bank earn the reputation as one of Thailand’s leading financial institutions.

CSR is a collective effort at the bank as it continues to focus on encouraging greater employee participation in its voluntary programs in order to instill in all of its personnel a strong social responsibility commitment. In its decades of operation, on top of implementing its own CSR projects, Bank of Ayudhya has fully supported several programs and activities run by charitable orga-nizations in both the public and private sphere, as well as making numerous charitable donations. Showcasing its devotion to helping a wide scope of the communities, the programs and activities that the bank has either initiated of supported have focused on youth and education, environment and society, art, culture and religion, public service and humanitarian activities.

Over the past year, Bank of Ayudhya showed no signs of slow-ing down in its strong emphasis of environmental, youth and edu-cational activities. In particular, the bank continued to carry out its ‘Earth Care’ project that resonates its core principles of promoting energy saving, pollution reduction, and increasing the amount of green area in the country, as well as advancing its ‘Krungsri…help-ing deserving youths achieve their dreams’ project.

BDO Unibank Inc (Philippines)

Amidst challenging conditions in the country which was afflicted with both man-made and natural disasters in recent years, BDO Unibank has shined bright through its socio-civic arm BDO

Foundation which boldly took on the challenges, responding in unison to the needs of the victims and helping families rebuild their lives.

With disaster response as the Foundation’s flagship program, simultaneous relief efforts were mounted with the enthusiastic and active support of the bank’s volunteers from its extensive network of branches. Reflecting BDO Unibank’s core values, the employee-volunteers braved unfavourable conditions to distribute relief goods and to the people affected by the insurgency in southern Philip-pines. In addition to the help that BDO Unibank has extended to the calamity victims, the bank has also initiated a fund drive to aid employees who were affected by the devastation caused by typhoons and earthquakes.

Alongside these efforts, BDO Unibank has not lost its focus on going green. The bank continues to implement initiatives that fully support its advocacy on environmental awareness and sustainable development. For instance, energy-efficient initiatives have been implemented in BDO offices such as standardizing the use of LED lighting fixtures and inverter type air conditioning system in all its new and renovated branches. Meanwhile, newly constructed re-gional offices installed energy-efficient elevators and low emissivity façade glazing to further reduce air conditioning load, helping to bring a smile to Mother Nature.

BOC Hong Kong Holdings Ltd(Hong Kong)

For BOC Hong Kong Holdings, corporate social responsibility implies conducting business in a responsible manner. The com-pany believes that this approach benefits its internal and external stakeholders, as well as the wider economy, society and the environ-ment. Furthermore, it is of the view that the fulfilment of its social responsibility is crucial for creating and maintaining its long-term core competitiveness, forging closer relationships with its stakehold-ers and enhancing the value of its brand.

Since its inception, BOC Hong Kong Holdings has pursued a systematic approach when it comes to managing its CSR programs. The firm has formal policies, structures and mechanisms astutely in place to ensure that its comprehensive CSR strategy is imple-mented and integrated across all businesses of the company. In reaching out to its stakeholders, the company ensures that they pro-vide valuable feedback on the performance through its Five-Year Stakeholder Engagement Plan. As a responsible organization, the firm reviews and evaluates its CSR performance to ensure that it constantly makes improvements that are duly aligned with its core business and exceed stakeholders’ expectations.

BOC Hong Kong Holdings’ responsibility extends to our employees, customers, the wider community and supply chain. In fulfilling this commitment, it has provided secure employment for its employees, offered accessible banking services for customers, supported community initiatives which create meaningful impact, and encourage positive behaviour towards the community and environment.


Café de Coral Holdings Ltd (Hong Kong)

Café de Coral greatly considers sustainability as the key to its past achievements and serves as the platform to propel its future growth. As such, its commitment to corporate social responsibility initiatives is deeply rooted in its belief in conducting its business responsibly, serving the various communities in which it operates, and minimiz-ing the environmental impact of its operation. It is also concerned about providing a working environment conducive to attracting, developing and retaining its personnel, as well as generating sustain-able profits for its shareholders.

As evidenced in its daily operations, Café de Coral incorporates environmental and social considerations into its value chain. By fully understanding the impact of its business on the environment, the company continuously searches for areas of improvement, par-ticularly in terms of achieving greater energy efficiency and waste management. The firm has also successfully leveraged on its exten-sive network of outlets to roll out and support initiatives that foster a caring culture, while simultaneously raising environmental protection awareness among its customers and the general public.

In its support of the communities in which it operates, Café de Coral believes in inclusion and integration to bring harmony and create positive energy to society. For instance, it continued its program of integrating people who are mentally or physically chal-lenged, as well as those who are new to the city, by providing them with employment and development opportunities. It has also sup-ported the work of its community partners in catering to the needs of its targeted beneficiary groups through financial and in-kind donations.

China Resources Enterprise Ltd (China)

China Resources Enterprise has always been mindful of putting its beliefs in social responsibility into practice in its day-to-day operations, as a central part of its drive to contribute to the sustain-able development of the society, economy, environment and the company itself.

China Resources Enterprise has been actively involved in services and public welfare initiatives for the community to foster a corporate culture of social care and support those in need in differ-ent ways. In addition to donations in cash and in kind, the firm also encourages its employees, customers and suppliers to participate in various types of volunteer services. By incorporating social services in team building activities, the company has performed above par in enhancing staff morale and sense of belonging while serving the community.

In establishing a two-way dialogue, China Resources Enterprise emphasizes the communication of corporate social responsibilities

to all its stakeholders, aiming to answer stakeholders’ expectations by continuously improving its strategies and mechanisms for the fulfilment of corporate social responsibilities. Through a variety of means including annual and interim reports, shareholders’ meetings, press conferences, press releases, company website and satisfaction surveys, the company effectively communicates its social responsibil-ity endeavours to stakeholders.

China Telecom Corporation Ltd (China)

By adhering to its core philosophy of “comprehensive innovation, pursuing truth and pragmatism, respecting people and creating value all together”, China Telecom continues to embark in the fulfilment of its responsibilities to stakeholders, further promote enterprise transformation and enhance its flourishing corporate value.

As one of the key areas in its CSR framework, China Telecom continued the implementation of the “Village-to-Village” projects to speed up the construction of service outlets in rural areas and subsequently elevate the standard of informatization for township governments, agricultural enterprises and individual farmers, as well as bridge the digital divide between cities and the countryside.

In the education space, China Telecom’s operations at all levels took the initiative to contact primary and secondary schools in respective regions and provided a range of solutions for schools in various areas. These exceptional programs include the construction of informatization infrastructure at primary and secondary schools, informatization of education management, and the provision of digital education resources services.

Internally, China Telecom considers its employees to be its most valuable resource and adheres to the principle of respecting people and cherishing every employee. In accordance with relevant state laws and regulations, it safeguards the interests of its employees and focuses on the establishment of harmonious labour relations.

CNOOC Ltd (China)

CNOOC has excelled in serving the energy needs of society and contributing to the economic development of society and the im-provement of people’s living standards in an environmentally-friend-ly and responsible way. Equipped with a strong sense of corporate responsibility, it believes that its primary social responsibility is to supply clean, reliable and stable energy for society and to meet rea-sonable energy needs through exploring natural resources in a safe, efficient and environmental friendly way.

As a leading Chinese energy firm, CNOOC has been standing firmly with international energy companies and contributed to the resolution of global energy issues, with particularly close attention paid to the country’s energy needs.

In recognition of the worldwide trend of placing emphasis on CSR, CNOOC actively explores the overlapping goals between


social responsibility and its business development strategy. As it strives to consistently improve the performance of the company’s management and operations, it has sought different ways to lever-age social responsibility to facilitate the development of both the company and society. With this in mind, it has primarily focused on further integrating CSR into its management system and increasing employee participation in its CSR initiatives. As a result, it has taken concrete actions on social responsibility that combine the company’s economic, environmental and social responsibility with its develop-ment needs.

CTBC Financial Holding Co Ltd (Taiwan)

Ahead of its time, CTBC Financial Holding has been fulfilling its corporate social responsibilities long before it began to be deeply in-grained into Taiwan’s business culture. The company approaches its CSR commitment by being “caring, professional and trustworthy.”

Despite undergoing organizational changes over the years, one thing remains a hallmark at CTBC Financial Holding. It remains committed to the ideas of CSR and sustainable business, and contin-ues to engage with the community and stay in step with international trends. At its very core, the company understands that to create the most benefits from its corporate value and live up to the expectations of society and its customers, the firm is always looking to develop its own CSR strategy and culture by seizing every opportunity and be devoted to its promotion and implementation throughout all levels of the organization.

As part of its CSR drive, CTBC Holding has long invested resources in the pursuit of public service through charitable activi-ties, promotion of the arts, and sports patronage. For its part, the company actively collaborates with social welfare organizations and invites its customers and the community to join the firm in assist-ing disadvantaged groups and promoting local artistic and cultural activities. By doing so, it aims to do its part and positively contribute to Taiwan’s society.

Wanda Group (China)

Wanda Group has long been a pioneer of promoting corporate social responsibility in China, making its mark as the first company in the country to establish a volunteer program that inspires its employees to volunteer for a variety of charitable causes. In its active pursuit of corporate social responsibility endeavors, it has become a model for private enterprises in its CSR activities geared towards the betterment of society, the environment and its own personnel.

Anchored on its altruistic mission of ‘Creating common prosperity through serving the community’, Wanda Group’s own employees are often active participants in the firm’s numerous charitable activities serving meaningful causes over the years. For

instance, over a hundred volunteers from its Beijing headquarters signed up to donate much-needed school desks to a primary school in a suburban area. Facing a crude teaching environment and sever lack of resources, the donations were well-received by the school and especially its students who were all smiles upon receiving their new desks.

Its mission of serving the community certainly covers the im-mediate environment in which it operates, where Wanda Group has been a trailblazer in the industry by implementing sustainable build-ing practices with an aim to build energy-efficient communities. The firm has placed energy conservation and emissions reduction as its major priorities when undertaking its development projects, enabling it to consistently meet ambient air quality standards.

Wanda Group also looks after its own, as it values its talented staff as the company’s most valuable resource which is reflected in its efforts to attract, develop and retain people that are the best fit for the organization. In particular, the company has instilled opportuni-ties for solid career development prospects, provided competitive compensation and cultivated a thriving corporate culture that are conducive in fostering cohesiveness throughout the organization.

DBS Group (Singapore)

Over the years, DBS Group has evolved its products and services to meet the changing needs of customers, while being actively involved in grassroots activities through various community initiatives.

Underlining DBS Group’s commitment to be a force for good in the communities it operates in, the Group established the DBS Foundation in February 2014 to strengthen its corporate social responsibility efforts throughout the region. With this in place, the foundation serves as a critical platform in its drive to scale up its sup-port for communities and social enterprises across Asia, and generate a greater impact in addressing the region’s evolving social needs. The foundation is also responsible for providing relief and support to the communities in times of need such as during natural disasters or crises.

Aside from the DBS Foundation, the DBS Group has also been busy undertaking corporate social responsibility programs that champion social entrepreneurship. Through the programs, the Group has sought to empower social enterprises to become com-mercially viable while pursuing their social objectives. Its support for social enterprises has been anchored around a three-pronged framework: promoting the development of the social enterprise sector, supporting selected enterprises through funding and mentorship, and integrating social enterprises into its culture and operations.

Throughout the year, DBS Group worked closely with other organisations to promote the development of social enterprises, such as partnering with the National University of Singapore Enterprise to launch the inaugural DBS-NUS Social Venture Challenge Asia. The program has since been effective in identifying and supporting new social ventures across the region that have the potential to make a sustained and meaningful social impact.


E. Sun Financial Holding Co Ltd (Taiwan)

E.Sun Financial has consistently embraced a vision and pledge of fulfilling its corporate social responsibility. Alongside the develop-ment of the company, it is staunchly committed to participating in social welfare, environmental protection, academic and education, and youth initiatives. Coinciding with this, E.Sun Financial continues to strengthen its corporate governance and expand the content of its products and services, with the aim of generating and boosting customer value.

In terms of contributing to public interests, the E.Sun Golden Seed Project is a long-term undertaking that aims to build libraries for elementary school pupils in remote areas around Taiwan. Besides improving the infrastructure for reading, it has also taken up the duty of soliciting book donations and conducting upkeep over the long haul. By adopting this systematic, well-planned approach the firm strives to narrow the gap between the city and the countryside by making more reading resources available to schoolchildren in less accessible places. In turn, the schoolchildren can broaden their horizons and secure new opportunities by taking up reading.

As a result of its dedication, it is evident that E.Sun Financial has displayed outstanding commitment in fulfilling its corporate social responsibility on all fronts, whether it is public interest, culture and the arts, environmental protection or employee welfare.

Fubon Financial Holding Co (Taiwan)

Corporate social responsibility has been at the heart of the Fubon Financial’s corporate philosophy since its establishment. Over the years, the philosophy has aligned the bank’s values and behaviour with the expectations and needs of its shareholders, employees, customers, regulators, community, and society as a whole.

As part of its CSR exercise, Fubon Financial has reviewed its staff policies and benefits, undertaking the necessary changes where possible to afford its staff good working conditions and career op-portunities. Systems and procedures are also reviewed and changes continue to be made where needed throughout the year enabling customers to enjoy improved services and facilities.

Deeply embedded in its culture, Fubon Financial remains actively committed to “giving back to the community”, a simple yet profound corporate credo which has served as the cornerstone of the bank’s approach to the community aspect of its corporate social responsibility. Over the past year, the bank continued its support of an array of charities, programs and initiatives dedicated to helping people in need and to raise awareness in environmental protection.

Looking forward, Fubon Financial has laid out the groundwork and will remain committed to its CSR activities and obligations, as well as upholding its role as a responsible corporate citizen in align-ment with the expectations of its stakeholders.

Genting Hong Kong Ltd (Hong Kong)

Genting Hong Kong has been capably steering its corporate social responsibility initiatives over the years, anchored on its unyielding commitment to positively contributing to the societies and people of Asia as it grows alongside the region. In parallel with the develop-ment of its business, this core philosophy has been put into practice through a series of community relations, environmental efforts, and scholarships and internships, all of which have touched upon the lives of thousands of beneficiaries.

In the CSR arena, Genting Hong Kong has pushed forward with a number of endeavors, most prominently employee volunteer activities, educational ship tours and donations. With an emphasis on the inclusion of all levels of the organization in its CSR activities to better serve the community, the Genting Hong Kong Volunteer Team has been proactive in lending a helping hand since 2008. Since then, its employee activities have directly reached out to thousands of those in need including elderly, children and under-privileged families.

Forming another pillar of Genting Hong Kong’s CSR frame-work is its commitment to people development. Since 2011, it continues to implement its Genting Hong Kong Regional Internship Programme which partners with reputable universities and educa-tional institutes across the region. Through the programme, numer-ous students have been given the opportunity to learn first-hand the basics of running cruise and hotel businesses; and acquire a better understanding of tourism-related backend support.

Hang Lung Properties Limited(Hong Kong)

Hang Lung Properties’ belief in creating social value is rooted on the premise that a business requires a thriving community and a good context in order to fully prosper over the long-term. In order to ac-complish this, the property development firm has pinpointed specific areas where it can create the most value for both its business and the community at large.

One way Hang Lung Properties has commendably created social value is the manner it builds and manages its buildings. Reflecting its long-term business model, the company has incorporated high standards of excellence in quality, environmental sustainability and community engagements in its Hong Kong projects. For instance, it has attained LEED Gold certification across all its new projects in China since 2005.

Hang Lung Properties also build supportive clusters in the com-munities where it operates through working hand-in-hand with local stakeholders to define the various benefits which should be enhanced for everyone involved. In its daily operations, the firm also makes it a


point to engage directly with communities before the inception of its developments to ensure that its designs support urban planning and appropriate landscaping. In doing so, it builds world class projects in the communities it serves and subsequently raising the quality of life in the respective areas.

Henderson Land Development Co Ltd (Hong Kong)

Commercial growth and corporate social responsibility have been mutually important fundamental pillars for Henderson Land. The property development firm has long understood that its business activi-ties have an impact on the community. To address this, the company has always sought to reconcile its commercial objectives with the long- term imperatives of sustainable growth, social prosperity and the well-being of the community.

Henderson Land has a dedicated Corporate Social Responsibility Committee in place, which continues to oversee the implementation of the company’s CSR policies and drive its involvement in the numerous worthwhile and innovative causes it lends a helping hand to. Through the committee, Henderson Land significantly strengthened its support for the community during the year, providing not only financial as-sistance but also manpower and the dedicated personal involvement of its senior management.

It has also established a Henderson Warmth Volunteer Team that has been actively helping the community through a wide range of ser-vices. In the past year, the team organised and participated in several charitable activities, benefitting needy individuals.

With sustainability at the heart of its operations, Henderson Land is also conscientious in its approach to delivering eco-friendly proper-ties in prime locations that contribute positively to the communities at all times. Going along these lines, it has incorporated nature conserva-tion imperatives as part of the development process, while simultane-ously delivering high quality landscaping and optimised energy perfor-mance that goes above and beyond prerequisite industry standards.

ICBC Ltd(China)

Across China, ICBC strives to realize the integration of economic and social responsibilities, more than living up to its reputable image of the world’s largest bank in terms of supporting economic and social development, protecting the environment and its resources, and sponsoring public interest activities.

ICBC has continuously intensified its credit support towards the development of agriculture, placed increasing emphasis of credit resources on agriculture-related organizations, worked to expand the coverage of basic rural financial services and effectively played an important role of benefiting the agriculture through finance. In the reporting period, the bank actively provided services to the up-stream and downstream agricultural industrial chain, supported the

development of industrialization of agriculture, and provided better financial support to the new rural construction by playing a linking function between industry and agriculture through financing.

Also in the past year, ICBC continued its strong support towards the development of emerging industries and provided comprehen-sive financial services to the industries that are in line with national policies, meet environmental protection requirements and has a market demand. The incremental loans were mainly invested in the fields that supported the development of the real economy and the adjustment of industrial structure such as advanced manufacturing industries and modern service industries.

Li & Fung Limited (Hong Kong)

Community engagement gained even more traction at Li & Fung throughout its operations in Hong Kong over the past year. The company has been successful in implementing even more programs to support communities where it lives and works. Moreover, it con-tinued to place a premium focus with regards to its corporate social responsibility in building sustainable communities, caring for the environment and building human capital.

In its daily business, Li & Fung deepened relationships with community partners to leverage and extend positive outcomes. For instance, employees were encouraged to share in the CSR activi-ties with their families and friends and to invite them to join the company in learning and in action. Attesting to its propensity to forging lasting relationships, the firm regularly works with NGOs, governmental agencies, social enterprises, community groups, cus-tomers, industry peers, Group companies and families and friends in its CSR mission.

Furthermore, Li & Fung’s community engagement activities go hand-in-hand with its employee engagement “C.A.R.E.” program, both of which enhance its experiences and contribute to the transfor-mation of its workplaces. Resonating it big heart, the company focuses on community engagement not only to benefit communities, but also to support the health and wellbeing of its valued employees and com-munities, add value to its personal and professional development, help attract and retain talent, and reiterate Li & Fung’s core values.

Manila Water (Philippines)

Reflective of its tagline of ‘Care in Every Drop’, Manila Water’s Sus-tainability Framework spells out a five-pronged approach that covers its passion for helping build communities, safeguarding health and safety, protecting the environment, contributing to local and national economies, and developing its employees.

In uplifting the lives of the communities in which it operates, Manila Water has developed a list of water and sanitation programs


that address the needs of low-income communities. Chief among these is its ‘Tubig Para Sa Barangay’ or Water for the Poor program, in which more than 1 million people living in poverty now enjoy 24-hour water supply directly from their taps.

To promote safety, Manila Water invests heavily on making sure that it provides clean and potable water to its customers, consistently complying and even exceeding standards on bacteriological, chemi-cal, biological, physical and radiological quality.

Manila Water’s care for the environment is manifested through its green initiatives embedded in its operations such as watershed management, groundwater protection, biosolids and sludge manage-ment and wastewater effluent reuse.

The company has also actively supported development and live-lihood programs, particularly for community-based cooperatives and small and medium scale entrepreneurs. Through its ‘Kabuhayan Para Sa Barangay’ program, Manila Water was able to assign jobs to cooperatives and use them as suppliers and service providers for some of the company’s requirements.

Finally, as the company regards each employee as a valuable investment, Manila Water has in place is a continuing education pro-gram designed to develop and enhance each employee’s capabilities.

Mah Sing Group Berhad (Malaysia)

Serving as the framework of its corporate social responsibility mission, Mah Sing Group’s core principle in conducting its busi-ness has always been to give back to the communities in which it operates. In parallel with this, the company’s commitment towards corporate social responsibility is profoundly ingrained in its corpo-rate philosophy, and as such, it has made numerous donations to meaningful causes.

The firm has conducted its numerous CSR activities through the Mah Sing Foundation since its inception in 2005, which has taken proactive measures to roll out structured and holistic programs for its sustainability efforts and initiatives covering the community, work-place, environment, customers, suppliers and shareholders.

In the past year, the Mah Sing Foundation helped provide medi-cal assistance through financial support to people suffering from critical illnesses and disabilities, as well as supported schemes imple-mented by organizations that look after public health and welfare. In addition, the foundation continued to provide educational assistance comprising subsidies and donations to needy and deserving students.

In addition to ensuring homes are built of high quality, Mah Sing Group also seeks to contribute towards improving the quality of lives amongst the community. With this in mind, the company sets out to undertake community development activities regularly that improve the well-being as well as foster harmonious relationships with the local community.

On the environmental front, Mah Sing Group continues to work on enhancing its designs, layouts and incorporate environmental-friendly green features and innovations in its property development products.

Melco International Development Ltd (Hong Kong)

As part of Melco International Development’s CSR vision, the company has long been committed to the growth and future of the communities in which it serves. It has adopted the belief that everyone in society deserves the right to reach their full potential, and with a laser-like focus on youth development, it strongly supports the aspira-tions of all young people who may not have the opportunity to pursue a higher education with scholarships and other forms of assistance.

As an environmentally responsible company, Melco International Development places utmost priority in making the most effective use of the resources it consumes, the waste it generates and the carbons it emits. The firm has built a strong track record in taking full action to mitigate and minimize the impact of its operations on the environ-ment.

In terms of its active engagement with the community, Melco International Development has taken the initiative to cooperate and develop long-term relationships with to create and deliver meaningful programs that make a difference in people’s lives.

Meanwhile, within the company, Melco International Develop-ment treats its employees fairly and with respect. To help them develop as well-rounded individuals and become even more valuable members of the staff, the company regularly provides a wide range of educa-tional and training opportunities for their benefit.

Meralco (Philippines)

Meralco’s effective CSR drive is powered by its proactive and engag-ing corporate social responsibility arm, One Meralco Foundation. In the past year, the foundation continued to more than live up to its commitment of transforming communities by empowering them through various programs on community electrification, grassroots partnerships, education, youth development and disaster response and rehabilitation.

For instance, One Meralco Foundation’s community elec-trification program has benefited thousands of households from low-income communities, whose access to reliable and affordable energy is a fundamental driver of economic growth, environmental sustainability and social development. The foundation also expanded its school electrification program with the inclusion of public schools located in remote barangays across the country. By using solar photovoltaic energy systems, more teachers and students in far-flung communities were able to provide new learning opportunities.

As part of the foundation’s advocacy, it also launched the “Safe Ang School Ko” program which engaged public schools for electrical safety assessments that helped them in reducing the risk of electrical incidents and prevent tragic accidents by educating students about electrical dangers. In partnership with the Department of Environ-


ment and Natural Resources, One Meralco Foundation honored schools with the Meralco Energy Leadership Award during the Na-tional Search for Eco-Friendly and Sustainable Schools, which aims to highlight schools that implement energy-efficient and sustainable environment programs.

Megaworld Corporation(Philippines)

Megaworld Corporation has firmly stood by the underlying principle that a corporation exists to serve others, and that the company must not only excel in its business, but also contribute positively to the communities it is a part of. The principle has been a driving force behind its passion to continuously give back to society through its socio-civic arm Megaworld Foundation. The company ha continu-ally embarked on contributing to ongoing efforts in the fields of health, environment, infrastructure, people empowerment and other noble undertakings in line with the foundation’s mission.

As Megaworld Corporation envisions being part of the country’s social and economic development, the foundation has continued to direct its donations to institutions that share in its vision. In the past year, the foundation exerted tremendous efforts to cater to the needs of various sectors in society such as strengthening the country’s edu-cation system, providing shelter and affordable housing, supporting welfare projects for children, women and the elderly, improving the delivery of health care, and responding to environmental concern and calamities, among others.

In particular, the foundation’s outstanding scholarship program has produced deserving individuals, and has gone the extra mile in extending various career opportunities in Megaworld Corporation to its scholars. Since its inception, numerous graduates have entered the fields of finance, engineering, marketing, and information tech-nology at the company.

Metro Pacific Investments Corporation (Philippines)

Metro Pacific Investments Corporation goes beyond the interests of its firms by integrating CSR into its business model and by embrac-ing responsibility for its companies’ actions, thereby creating a posi-tive impact through its activities on the environment, its employees, communities and various stakeholders.

The company’s corporate social responsibility arm, MPIC Foundation, has embarked on as its primary CSR thrust an en-vironmental program designed to educate, equip, empower, and employ people to preserve and protect the country’s vast coastlines and aquatic resources. Running for over six years, “Shore It Up” is geared towards the sustainable development of the country’s rich marine resources in order to help mitigate the increasingly harmful

effects brought on by climate change. Another major thrust of MPIC Foundation in making life bet-

ter for communities that it is passionate about is education. MPIC supports a wide range of CSR activities and social enterprises ranging from those involved in environmental advocacies to disas-ter relief. However, education has a special place in the company’s good corporate citizenship activities. On this front, MPIC has set its sights on children from indigent families by giving them quality education and equipping them for college and eventually employ-ment or entrepreneurship.

Pacific Basin Shipping Ltd (Hong Kong)

For Pacific Basin Shipping, sustainability emanates from within the organisation and extends across all aspects of its operations on the shore and at sea. In particular, the broad strategic objectives that guide the company’s sustainability initiatives relate to the environ-ment, its workplace and the communities where it operates.

These elements form the framework of its CSR strategy which it has effectively implemented since its inception. With regards to the environment, Pacific Basin Shipping’s initiatives are geared towards reducing its impact on the atmosphere and marine environment, as well as reducing unnecessary waste by minimizing what it consumes both at sea and ashore. In terms of its focus on the workplace, the firm continually strives to foster a culture of safety, innovation, ef-fectiveness, teamwork and fulfilment across all its activities, which has tremendously helped its employees thrive and make a difference in the company. Third, in addressing the needs of communities, it actively advocates and engages with respective organizations and stakeholders, and adheres to responsible business practices and laws applicable to its operations.

Finally, by integrating CSR information in its Annual Report, Pacific Basin Shipping creates transparency about its operations to ensure that all its stakeholders have a clear sense of its non-financial business practices and the linkage across its actions, policies and performance.

PLDT (Philippines)

At all times, PLDT has been dialled in to its core philosophy that doing good for the community and the country is integral to good business. Across the several advocacy areas of the telecommunica-tions firm such as disaster preparedness and response, health, edu-cation, digital literacy, livelihood, and environmental conservation, it has excelled in leveraging on its core businesses and resources to enable people and communities improve their lives and contribute to nation building.

Education has always been at the forefront of PLDT’s advocacy initiatives. From low-tech to high-tech, from primary to tertiary and


out-of-school youth, the company has leveraged on its core technolo-gies and resources to help improve education and literacy in various communities. Through the PLDT Infoteach Outreach Program, the company has been elevating the digital literacy of public school students and teachers throughout different parts of the country since 2004. In partnership with the UPOU and Intel, the firm offers basic and advanced computer and internet literacy courses to disadvan-taged students.

In caring for the communities’ environment, PLDT has part-nered with the Department of Environment and Natural Resources, Watershed Management Council, and local government units to create the TELEpuno tree-planting project designed to improve the ecology of the Infanta-Real Quezon Watershed Forest Reserve. The five-year program is well on its way towards its target of planting 80,000 seedlings on 80 hectares of the forest reserve. Aside from beautifying the environment, the PLDT TELEpuno project also gave the communities living near the forest reserve alternative liveli-hoods for the benefit of families residing in the area.

PT Pertamina (Indonesia)

Throughout the country, PT Pertamina has made a positive impact in the communities and environment at large through its numer-ous CSR activities which it regularly implements. Attesting to its significance to the company’s operations, Pertamina also publishes a separate document Pertamina Sustainability Report which details the firm’s admirable performance in economic, social, environment and governance aspects geared towards sustainable development.

As a state-owned enterprise, on top of its responsibility of making a profit and paying dividends to the state as a shareholder, Pertamina also performs its corporate social responsibility role to contribute in improving the welfare of the society. This is mani-fested, among others, through its highly successful Partnership and Community Development Program, which has provided loans to support the improvement of business partners in the small medium and micro enterprises, as well as grants for their development.

Pertamina also has in place its Community Development Program, which has been implemented since 2004. The program provides assistance for communities surrounding the company’s ar-eas of operation. The scope of Community Development Program includes activities for natural disaster relief, education and training assistance, public infrastructures support, public health assistance, religious facilities aid, environment conservation support and social assistance in order to alleviate poverty in the country.

PTT Public Co Ltd (Thailand)

PTT is committed to the development of the communities and sur-rounding environment of the areas where it operates. In its persistent efforts to create a sustainable society, PTT applied the Creating

Shared Value approach to its knowledge management, technological development, energy innovation creation, and social and community development for the well-being of people through CSR activities in various forms that are beneficial to society, communities, and the country as a whole. As manifested in the past year, PTT diligently launched various pilot projects to integrate the CSV approach in all its processes.

Throughout the decades that PTT has been working for the Thai people, it has duly gained the trust and confidence of com-munities. In recognition of its effective efforts, PTT was listed on the Dow Jones’ Sustainability Indices as a result of its exceptional work for sustainable development under its three core strategies: educa-tional development, social and community development, and natural resource and environmental conservation.

Moving forward, PTT remains dedicated to continually proceed-ing with its development as a true CSV organization that brings smiles to its various stakeholders every step of the way.

PTT Global Chemical PCL(Thailand)

Corporate social responsibility is PTT Global Chemical’s com-mitment to conduct its business in an economically, socially and environmentally sustainable manner while simultaneously balancing the interests of a diverse range of stakeholders with the assurance of sustainable business growth. As a cornerstone of its operations, the company has crafted a sound Corporate Social Responsibility Policy that forms its framework to implement its various CSR activities in compliance with international standards.

In adhering to the CSR Policy, PTT Global Chemical has been able to integrate CSR considerations within the corporate decision-making process, as well as conduct ethical business practices and sound systems of corporate governance. The firm has also initiated programs that contribute to the social and institutional develop-ment of the communities in which it operates, on top of conduct-ing research and innovation that promotes that make efficient use of natural resources.

With the belief that a resilient society and community are important factors for Thailand’s development toward sustainability, PTT Global Chemical has looked to support society and sur-rounding communities so that they can sustain themselves. In the past year, with a focus on its immediate environment, PTT Global Chemical supported and encouraged its employees to participate in a number of activities and projects geared towards enhancing the conditions of its surrounding communities and society in a continuous manner.

For instance, it collaborated with the Luffala Career Devel-opment Project and employed the use of local expertise to help develop strong and sustainable communities. It also pursued youth education initiatives such as the establishment of the Rayong Ad-vanced Institute of Science and Technology, as well as the Rayong Science Academy to help provide a brighter future for underprivi-leged children.


Public Bank (Malaysia)

As a leading financial services provider in Malaysia, Public Bank strongly believes in the value of conducting business in an open and transparent manner that is based on ethical values and respect. Through its core business of banking, the bank aims to promote sustainable growth by providing financial products and services in an efficient and responsible manner. Furthermore, it is of the view that when its business operations are conducted responsibly, its reputation and standing is enhanced, leading to greater competitiveness and higher sustainability of returns to its stakeholders.

During the past year, Public Bank carried on to build sustain-able practices in every aspect of the bank’s business which is well demonstrated in its support to its customers, its investments and services to the communities in which it operates, its development of its employees as well as its contribution to the conservation of the environment.

Guided by the principles and values as articulated in Public Bank’s Corporate Philosophy, its corporate responsibility initia-tives focus on the four key areas of Community, Market Place and Work Place Development as well as Environmental Sustainability. Following through on these principles, the bank continued to extend financial support aimed at delivering positive social impact in the communities in which it operates in the areas of education, health-care, community activities and support for the underprivileged.

RCBC (Philippines)

RCBC stands tall among the leading advocates of CSR in the region. Time and again, the bank has delivered in its pursuit of cor-porate social responsibility initiatives in the areas of environmental care, education and community development.

On the green front, the bank has been exerting efforts to pro-mote environmental care in the past years together alongside other conglomerates with its Earth Care project, a tree planting drive in Rizal province. Meanwhile, in its steadfast pursuit of promoting environment-friendly facilities, RCBC had the first ever container van banking office in the country when its subsidiary, Rizal Micro-bank, opened its first Micro Banking Office made out of recycled container vans.

Shifting to its education focus, as part of the Buhay Rizal Values Campaign, which aims to revive nationalism and instill the Filipino values reflected in the life of national hero Dr. Jose Rizal, RCBC donated copies of Noli Me Tangere books to high school students. The project is also targeted to develop the potential of the youth in education and values formation.

Third, RCBC was active in its continued support of victims of

super typhoons.Through its campaign, Alay ni Rizal, the bank raised significant

funds through employee donations alone that enabled it to offer full assistance such as food and clothing, which were also given to employees who were severely affected.

San Miguel Corporation (Philippines)

One key takeaway that San Miguel Corporation has taken to heart in its diversification is that its expansion has broadened the platform from which the company can push forward its social development agenda. Through this, the company has been able to address the core areas of education, health and nutrition, environmental stewardship, housing and disaster management in a more effective manner.

Education remains at the center of San Miguel Corporation’s corporate citizenship, as it views education not just as a necessity, but a way to empower future generations. Through its targeted scholarship programs, it aims to provide youth the chance to realize their full potential, chart better futures for themselves, and contrib-ute to the overall growth of the country. Through the San Miguel Foundation, the company has been able to send numerous deserving students to various colleges and universities. Similarly, the “Tulong Aral” program of Petron Foundation has allow hundreds of scholars to enrol in elementary, high school, college and technical-vocational programs during the school year. Upon graduation, the scholars were also given the opportunity to gain employment within the company.

Looking ahead, as the company continues to make responsible investments aimed at bringing about a better Philippines, it remains dedicated to becoming an instrument of change for those that need help the most.

Security Bank Corp (Philippines)

Security Bank’s highly effective corporate social responsibility drive involves its focus on uplifting the five areas of supporting rehabili-tation, valuing and sharing life, livelihood development, arts and culture, and valuing education. Through its corporate social respon-sibility arm Security Bank Foundation, the bank has been able to establish, support, finance and operate charitable programs aimed at community development, as well as the social and economic enrich-ment of the underprivileged.

In its efforts to promote education, the Security Bank Founda-tion has lent a helping hand to give people the bright future they deserve through scholarship programs and tie-ups with educational institutions. In particular, the foundation launched the Build a School, Build a Nation: The Classrooms Project in partnership with the Ateneo de Manila University to help address the shortage of


classrooms in selected public schools in the country. The foundation continues to provide funding for the construction of classrooms while the university designs the academic programs to help enhance the performance of public school students.

The Security Bank Foundation has also improved the lives of less fortunate families through empowering, sustainable and measur-able livelihood projects. For instance, the bank partnered with the Department of Social Welfare and Development to provide capital seed fund to strengthen the economic capacity of beneficiaries in the provinces of Benguet and Davao to start a small business in fabric weaving, flower farming and organic vegetable growing.

Moving forward, Security Bank places sustainability as one of the key initiatives for its overall growth and development, and remains on course to strengthening its CSR performance in the coming years.

Siam Commercial Bank PCL (Thailand)

Throughout its rich history, Siam Commercial Bank has served Thai society well chiefly by adhering to the principles of good corporate governance and ethics. On top of conducting its business responsibly towards its customers, shareholders, employees and the community, the bank has initiated and supported a wide range of CSR activities for the sustainable betterment of society at large.

In embracing this goal, the bank’s Board of Directors has desig-nated a Corporate Social Responsibility Committee that has crafted an effective CSR, and has spearheaded the supervision of its various CSR activities. Since its establishment, the committee has worked tirelessly in developing youth through education, spreading social responsibility by promoting volunteering activities, and promoting environmental management and the quality of life of all residents. Such activities have helped strengthen communities where the bank operates by delivering opportunities for individual self-fulfilment and tapping their potential to act as change agents for society.

Through all levels of the company, promoting and instilling ethi-cal and social responsibility through volunteerism has been ingrained in the bank’s efforts to contribute to the development of its employ-ees. As such, the bank actively encourages its employees to volunteer as a way to cultivate personal development by imparting the value of caring for others through its two core programs ‘One Day in a Year’ and ‘SCB, Let’s Do Good’. The programs have gone a long way in providing ample opportunities for individuals to undertake commu-nity support activities and to participate in public service.

Sino Land Co Ltd (Hong Kong)

As a committed corporate citizen, Sino Land commendably partici-pates in community services, green activities, heritage conservation, as well as art and cultural events to build a better community. In

addition to providing manpower and making contributions, the property development firm supports meaningful causes by offering venue sponsorships and leveraging on its marketing experience.

Built on the four key sustainability pillars – Sino Green, Sino Care, Sino Art and Sino Heritage, Sino Land has continued to demonstrate its strong dedication and partnership to achieve economic, environmental and social sustainability over the years. In the past year, the company continued to support the community by organising various care programmes under Sino Care, such as the Sino Home Visit Programme, Sino Children Mentorship Programme and Hearty Soup Delivery Programme, as well as new initiatives to foster youth development and promote social mobility.

Meanwhile, in recognition of the potential climate impact due to building development and operation, Sino Land remains committed to improving the environmental performance of its properties development and management through eco-friendly building design and operational measures, as well as supporting a number of external charters with regard to energy efficiency and carbon reduction.

SM Investments Corporation (Philippines)

With its formidable footprint and abundant resources supporting its businesses, SM Investments Corporation is well-positioned to serve its host communities through numerous civic assistance and environmental sustainability programs. It has adopted a two-pronged approach in its CSR drive: to promote progress and especially help empower the marginalized sectors of society while acting as a stew-ard of the environment.

True to its advocacy of “People Helping People”, the SM Foun-dation empowers through education, livelihood training, housing, and health and medical programs. Over the years, it has provided college scholarships, medical missions and farmers’ trainings, and builds, donates and maintains classrooms and school buildings to public schools. The foundation also renovates and maintains wellness centers in public hospitals and health care centers. Additionally, under the SM Cares Program, persons with disability, the elderly, youth, women, Overseas Filipino Workers and their families are looked after.

SM Cares has employed a holistic approach to managing the environment which builds on safety and security through disaster re-silience, business continuity programs and emergency preparedness. Moreover, environmental sustainability runs at the core of every project by adopting measures to conserve and preserve energy, water and air quality. Putting this into practice, SM’s malls have an active solid waste management system that engages not just the employees and customers, but the whole community.

With people and the environment as its two main focal points, SM aims to strengthen the fiber of growth while empowering more communities in the Philippines.


Standard Chartered Bank(Hong Kong)

At Standard Chartered, the bank has been very clear on where it stands with regards to its obligations to society, perfectly captured by its brand promise ‘Here for good’. The mantra reflects its com-mitment to always try to do the right thing, to take a long-term view, to support its clients and customers and the communities where it operates.

In exercising its corporate social responsibility activities, it has pinpointed three key sustainability priorities such as contributing to sustainable economic growth, being a responsible company and investing in communities.

Perhaps its most well-known program that it has supported for close to two decades is the Standard Chartered Hong Kong Mara-thon, which has helped to support the needs of the community through its Charity Programme. Since its inception, the substantial funds the event has raised have gone towards notable charitable causes, made possible by the inspired runners who joined hands to make a positive difference in society.

Among its green efforts, Standard Chartered also launched Green Monday with an aim to reducing carbon emissions and protecting the environment. Throughout the initiative, its cafeteria staff offer a selection of vegetarian food options on Mondays to promote the benefits of green eating and help combat the ongoing global climate change issue.

As an outstanding bank that grown alongside Hong Kong for over 150 years, Standard Chartered is passionate about continuing its support of Hong Kong’s development as an ideal place to live and work, focusing its community efforts on the areas of youth, health, education and the environment.

Sun Hung Kai Properties Ltd (Hong Kong)

Sun Hung Kai Properties has built an impressive track record in fulfilling its corporate social responsibility across a number of key areas. As one of the most important aspects of its CSR push, the company goes to great lengths to invest in the community, in keep-ing with its commitment to sustainable development. It continued pursuing a three-pronged approach to promote the well-being of the community, namely through reading and holistic development, through healthy and sustainable living and through care for the underprivileged.

During the year, the Building Homes with Heart Caring Initiative benefitted thousands of people, including seniors and the underprivileged. The initiative also provided immediate financial assistance and basic home refurbishments to needy families. Newly-

launched caring programmes for the underprivileged included complimentary visits to Sky100 Hong Kong Observation Deck and Noah’s Ark, provided for charities and NGOs including the Hong Kong Association of the Deaf, the Direction Association for the Handicapped and the Hong Kong Federation of Handicapped Youth.

Sun Hung Kai Properties also displayed its passion of helping the younger generation prepare for their future by organizing its first career expo which offered more than 1,000 employment op-portunities at different levels for people from a variety of back-grounds. On top of this, the company offered one-year placement opportunities to sub-degree graduates through its new SKHP SDU – Trainee Program.

The Link REIT (Hong Kong)

With its business operations closely intertwined with the daily lives of people in the communities, which it operates, The Link REIT has been in a prime position to positively contribute in building healthy, vibrant, and sustainable communities – and it has done so with flying colours through its dedicated corporate social responsi-bility measures. Throughout its endeavours, the company has also made it a priority to enhance its retail properties with compre-hensive barrier-free access facilities to ensure equal access for all members of the community.

During the year, The Link REIT continued its ‘The Link To-gether Initiatives’ program through which it made charitable dona-tions and sponsorships particularly for investing in and enhancing the sustainable development of local communities. The program has worked wonders in looking after the well-being of the elderly and disadvantaged, and helped fund the education, training and development of children and youth services in the communities near its properties.

As The Link REIT goes about enriching and enhancing the community, it pays extra attention to preserving the unique culture and history of each community. The company’s undertaking of its asset enhancement projects involves taking care of preserving items of cultural or historical significance to ensure that the community and future generations have abundant opportunities to appreciate the unique features of the respective communities.

The Link REIT has also leveraged on its properties to build a community arts platform such as its Leung King Plaza where it has organized a series of free activities such as Art Jamming workshops, T-shirt design competitions and musical parties to promote a cul-ture of design and art.

Moving forward, with The Link REIT’s vision to enrich and support local communities, the firm is highly intent on introduc-ing even more cultural engagement activities to people in the years ahead. n

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Ayala Land Inc (Philippines)

The premium Ayala Land places on promoting and maintaining a clean and healthy environment has served as its compass in all of its endeavours. As a reflection of its adherence to this core principle, no trees have been destroyed unnecessarily throughout its undertakings, while making it a point that parks, forests, and areas of high biodiver-sity value have to be protected and enriched, even as it builds.

In its efforts to meet and surpass the diverse needs of its customers, Ayala Land also strongly views its developments as a means to protect nature and the rich life that inhabits the surrounding environment. Time and again, the property development firm continues to build on its timeless tradition of environmental stewardship by managing and measuring its performance in the areas of Sustainable Land Use Plan-ning, Green Product Design, Energy Efficiency, Water Stewardship, Solid Waste Management, Air Quality Management, Green Procure-ment, Sustainable Construction, and Biodiversity Conservation.

A prime example of Ayala Land’s commitment to better environ-ments is the Anvaya Cove Golf and Sports Club project, which was designed and developed to minimize earth movement and cutting of mature trees. To further enhance the ecosystem, native and endemic flora were also used to landscape the fairways and amenities areas.

Aboitiz Power Corp(Philippines)

Going the extra green mile in its daily operations is Aboitiz Power which has repeatedly demonstrated its genuine concern for the envi-ronment through numerous ways. In line with the Aboitiz Group, the company is of the staunch belief that its businesses will only thrive if there is a healthy ecosystem present that provides the resources needed for the business to operate. Thus, following the Group’s sustainability principle, the firm has contributed to its drive of implementing refor-estation projects in the areas where its business units operate. Through its Aboitiz Foundation, its environment program has continued to gain momentum such as the A-PARK program that encourages tree plant-ing and aims to plant 3 million trees throughout the country by the end of this year.

As a leading energy firm, Aboitiz Power also strictly adheres to extensive and increasingly stringent environmental laws and regulations such as the Clean Air Act which help the firm address air emissions, wastewater discharges, treatment and disposal of toxic or hazardous chemicals, materials and waste, and employee exposure to hazardous waste.

In its hydroelectric power plants, Aboitiz Power implements run-of-river systems which are regarded as a practical and low-impact alternative, since they solely depend on natural river flows that generate energy from the water, without having to inflict any damage to the sur-rounding air and local ecosystems.

Bangchak Petroleum PCL(Thailand)

One has to look no further for Bangchak Petroleum’s dedication to protecting the environment than striving towards its ultimate goal of establishing a Bangchak Green Society. The firm has embarked on this green path by establishing a culture of ‘developing a sustainable busi-ness, while safeguarding the company’, as well as an employee culture of ‘being virtuous, knowledgeable, and contributing to society’ under an overarching corporate vision of ‘Greenenergy Excellence’.

Advocating this culture of Greenenergy Excellence, Bangchak Pe-troleum always strives to strike an optimum balance between business value in tandem with social and environmental value. As a top energy company, it is fully aware of the environmental impacts of its business, which is why environmental risks are assessed at every operational process.

In putting this into practice, Bangchak Petroleum recognizes that the oil refining business is an energy consuming industry. Therefore, the company has set a target of low carbon dioxide emissions to minimize the environmental impacts from its own refining business. In particular, the company aims to trim its carbon dioxide emission by some 50% at the end of this year from the regular baseline as a result of its develop-ment of clean energy businesses, including the production of diesel from algae, and efficient improvement of energy consumption and consumption of clean fuels in the refining processes.


Adding another green feather to its cap is BDO Unibank, which con-tinues to implement a host of eco-friendly initiatives in support of its advocacy on environmental awareness and sustainable development.

Most notable among these were green measures spurred by the Leader in Energy and Environmental Design program that were incor-porated into the construction of the BDO Corporate Centre Ortigas. In its design, an open-type space planning was used to optimize the natural lighting inside the building and reduce the cost of mechani-cal ventilation. The design was further supported with the use of a low heat absorbing, reflective and highly efficient curtain wall system that noy only increases the space for natural sunlight to flow into the building, but also reduce the need for air conditioning. In addition, the building’s installation of a dual piping system and sewage treatment plant paves the way for the use of recycle water.

Similarly, other initiatives to enhance energy efficiency were also implemented across BDO’s extensive network of offices, such as the standardizing the installation of LED lighting fixtures and inverter type air conditioning system in all of its new and renovated branches. The bank’s regional offices have now been utilizing energy efficient eleva-tors, inverter type escalators and features a low emissivity façade glazing to further reduce the electricity needed to power its air conditioning.


In addition, BDO Unibank’s corporate center in Makati uses timer controls for its signs, ATM wall backlights and canopy lighting, while traditional lights have been replaced with more energy-saving LED lights, which bodes well for the environment at large.

China Resources Enterprise Ltd (China)

China Resources Enterprise has been resolute in its commitment to promoting awareness of environmental protection to its customers, suppliers and society by organizing and supporting different environ-mental protection activities. By integrating various forces within the society, the company aims to preserve the planet’s precious resources to create a greener environment.

In line with this, the firm strives to mitigate the environmental impact caused by its business operations through its implementation on policies about environmental management and energy saving. For instance, its retail division further ramped up its efforts in technological transformation to promote energy conservation and waste reduction by introducing changes such as environmentally-friendly light bulbs and energy-saving cooling systems.

The firm has also promoted environmental protection by taking part in numerous green-centred activities such as the WWF’s “Earth Hour” campaign in which all of its shops turned off their unnec-essary lights to save energy. Furthermore, various CR Vanguard stores in different regions carried out a mooncake box and gift box recycling campaign during the Chinese New Year and Mid-Autumn Festival periods. The company also co-organized the “Empty Bottle in Exchange for Water Campaign” with Coca Cola so as to raise awareness on recycling.

Esprit Holdings Ltd (Hong Kong)

Esprit Holdings is committed to creating sustainable products and to fostering a sustainable environment by conserving its resources and sourcing its materials through environmentally conscious means.

Since 1990, Esprit Holdings has embraced its mission statement of ‘Be informed, be involved, make a difference”, which emphasized that the company looks beyond the surface of fashion and pays special attention to the social and environmental impacts of apparel manu-facturing. Born out of this philosophy, a new organic collection was produced which consisted of socially and environmentally responsible clothing that made Esprit Holdings a pioneer in the sustainable ap-parel market.

Esprit Holdings also places an emphasis on protecting the envi-ronment through recycling, which involves saving raw materials and energy that would otherwise be used for producing new materials. By recycling, the company has generated lower greenhouse gas emissions as compared to new production, translating to less harm inflicted upon the global climate and helps preserve the environment.

In recent years, Esprit Holdings strengthened its long-term sustain-ability program by joining the Roadmap to Zero, an initiative of the apparel and footwear industry that targets the Zero Discharge of Hazardous Chemicals by 2020. By doing so, the company reiterated its commitment to phasing out all hazardous chemicals from its entire life cycle, particularly throughout the production steps that are needed for the manufacturing of its apparel and footwear products.

It has also dedicated a section on sustainability in its corporate website, enabling its stakeholders to learn more about Esprit Holdings’ sustainable commitments, products and initiatives. The website has served as an informative tool to provide its stakeholders with the latest sustainable news from the company.

Hang Lung Properties Ltd (Hong Kong)

Hang Lung Properties has conscientiously laid down solid founda-tions that enable it to significantly contribute to the betterment of the environment. The past year saw the company carry on its focus on sustainability in the design, construction and operation of its buildings.

A key initiative Hang Lung Properties has built into its operations is providing facilities for segregation of waste management in all of its buildings, and engages a waste contractor to collect data on waste dis-posal from all its Hong Kong properties. In starting last year on a green note, the company introduced a pilot scheme to provide recycling facili-ties for fluorescent light tubes. This coincides with its other recycling initiatives such as conducting studies on the recycling of glass bottles and aluminium cans, installing a food waste composter in The Peak Galleria, and running a pilot program with a selection of restaurant tenants to recycle food waste.

Hang Lung Properties also understands the significance of hav-ing its employees on the same page in minimizing the environmental impact of its operations. In this light, the company launched Hang Lung Green Office initiative in the past year with the aim of promoting a ‘SmartGreen’ workplace. As a result, its employees continue to make great strides in practising the 4Rs principle of reduce, reuse, recycle and replace.

PT Pertamina (Indonesia)

Not only is Pertamina intent on achieving its business targets, it has also demonstrated a firm commitment to doing its part as a respon-sible corporation to the environment. As a national company with energy as its core business, Pertamina has wholeheartedly embraced its responsibility to develop environmentally friendly energy in its regular business operations. In its efforts to reduce the carbon emis-sions generated in its operations, Pertamina has deftly monitored its carbon footprint over the years, as well as increased the number of green products in its portfolio.

Aside from this, Pertamina has been engaged in numerous green activities. Its feature 100 million trees Movement Program is a reflec-


tion of the company’s dedication to protecting the environment by substantially reducing the impact of carbon emissions through saving and planting trees across the areas in which it operates and beyond. The program has helped preserve forests, generated more oxygen needed to sustain life and absorb carbon dioxide in the atmosphere.

Meanwhile, Pertamina also continued with its Muara Ujung Mangrove Ecotourism Program which is aimed at enhancing the environment in the coastal area around Muara Ujung which lies in the energy firm’s fuel pipeline. Furthermore, the company also collaborates with the Indonesian Consumers Foundation to develop biogas alternative energy.

Melco Crown Entertainment Limited(Hong Kong)

As an environmentally responsible company, environmental initia-tives and concerns have always been an indispensable part of the fabric of Melco Crown Entertainment over the years. The com-pany has invested in an array of green technologies to ensure that it is well-equipped to undertake better energy management and sufficiently address environmental concerns. For instance, its prime project City of Dreams is built with the second largest centralized cooling system in the South China hospitality industry, and blazed a green trail as the first and only hospitality facility in Macau to attain an ISO 14001 Environmental Management Certification, along with the Indoor Environmental Quality Certificate.

In its efforts to conserve water, The House of Dancing Water at City of Dreams makes use of a sophisticated filtration system that enables it to use and reuse pool water indefinitely. Similarly, the grey water system at Altira Macau recycles treated guestroom sink, shower and bath water as flush water, which saves more than half of the freshwater normally required for flushing.

Across all of its properties, Melco Crown Entertainment contin-ues to install numerous other state-of-the-art facilities for conserving water, including automatic sensors in all faucets and a rainwater recovery system to store rainwater for irrigation. Moreover, the firm makes it a point to educate its employees in reducing water use when cleaning guestrooms and public areas.

Metro Pacific Investments Corp (Philippines)

True to its green commitment, Metro Pacific Investments Cor-poration has placed environmental awareness at the forefront of its priorities through its ‘Shore It Up’ program which it has been implementing since 2009. The campaign has gone a long way since its inception towards the sustainable development, preservation and conservation of the Philippines’ diverse and rich marine resources,

in order to help mitigate the increasingly destructive effects of climate change. Among the efforts involved under the program include environmental awareness seminars, coastal and underwater cleanups, mangrove and tree planting and replanting, giant clam rescue and artificial reef placements.

In extending its footprint over the past year, Metro Pacific Investments Corporation’s Shore it Up program challenged itself to further amplify and deepen the environmental commitments of its earlier project areas and destinations such as Anilao, Puerto Galera, Lingayen Gulf and Hundred Islands, and Zambales. In line with this, an array of engagements have been embarked upon by its portfolio companies and valued resources have begun to be shared among the communities touched by the program in a way that they have seen its genuine and concrete benefits in terms of enhanced revenues and livelihood, on top of the restoration of their surrounding environment’s scenic natural beauty.

PTT Public Co Ltd (Thailand)

In carrying out its green mission, PTT utilizes the PPT Group Security, Safety, Health and Environment Management Frame-work to increase the effectiveness and efficiency across these four key areas, and ultimately attain set targets. Focusing on protecting the environment, the energy firm has measures in place for the control of air emissions and has set a target to control the increased emission rate to zero by the year 2020. Furthermore, its opera-tional areas located at or near the emission controlled districts are equipped with emission control measures in order to strictly reduce the environmental impacts upon the community.

PTT has also set a target to reduce the hazardous waste-to-landfill by 2020 through various reduction initiatives such as the Triethylene Glycol contaminated wastewater treatment project which is intended to reduce the amount of wastewater sent to be treated as hazardous waste.

Coinciding with these green efforts, PTT has set a 2020 target to reduce water consumption in high risk areas and limit the in-crease of water consumption in operations with high consumption. A water management strategic plan based on the Reduce, Reuse, Recycle principles and an effluent management plan have been implemented to drive cooperation and best practice sharing initia-tives across the PTT Group.

PTT Exploration & Production Public Company Limited (Thailand)

Shining bright as a faithful steward of environmental protection, PTTEP has always adopted the view that for its business to be sus-tainable, the society and environment in which it operates in must also be sustainable. Putting this philosophy into practice, the com-pany commits to eliminating or reducing environmental impacts


through effective business management and decision-making.Such dedication is evident in the framework that PTTEP

has laid out, including a Safety, Security, Health and Environ-ment policy and management system that are aligned with international standards. It also has a Green Practice Roadmap in place which is aligned with the company’s vision and essential to sustainability management.

Through these green practices, the firm has made major inroads in reducing environmental impacts arising from its opera-tions, as well as its ecological, carbon and water footprint, in order to enhance biodiversity and added business value.

PTTEP’s green practices also include a target to reduce its greenhouse gas emissions by 20% by 2020. Moreover, the firm is always aware of potential climate change risks and opportunities, and as such, it has conducted a Climate Change Adaptation Study Project to increase the sustainability of its business operations.

PTT Global Chemical PCL (Thailand)

Going green lies atop PTT Global Chemical’s priorities as it uti-lizes an integrated and systematic approach for its environmental management, wherein the environmental aspect is incorporated into the firm’s strategic direction. The approach covers main-taining clear environmental operating policies and procedures, as well as instilling a culture of environmental responsibility throughout the company.

As a firm whose core business involves exhausting raw ma-terials in the production of energy and resources, PTT Global Chemical is fully aware that environmental management is a significant issue, and as such, promoting sustainable growth has always been an indispensable facet of its operations.

One such way the company has raised environmental stan-dards within the company is through energy conservation. PTT Global Chemical’s senior management ensures it raises aware-ness on implementing energy-saving measures while the company provides enough power for its production processes.

PTT Global Chemical has also rolled out a program de-signed to assess the amount of greenhouse gas emitted through-out the life-cycle of its products. Furthermore, registration of the company’s carbon footprint is performed for all its products with a focus on reducing the carbon footprint, reflecting the firm’s commitment to effectively and efficiently reducing its greenhouse gas emissions.

In addition to its excellent environmental management, which has been conducted strictly in line with applicable laws and covers the plants’ processes and activities, PTT Global Chemical remains on track to complete its Zero Waste to Land-fills goal in 2015. In order to achieve this goal, the 3Rs principle has been implemented in conjunction with suitable innovation technologies, which includes Reducing waste at the source, Reusing waste and Recycling waste, both inside and outside the plants’ processes.

Public Bank (Malaysia)

Public Bank remains strongly committed to advancing its various environmentally-friendly initiatives that are incorporated into its busi-ness and operational activities that are designed to protect and conserve the environment. One such way it has fulfilled its green responsibilities is by automating its business delivery processes such as the electronic loan delivery system and electronic disbursement tracking system, as well as administrative processes such as the human resource manage-ment system and electronic payment system which promote paperless transactions.

Another green initiative Public Bank continues to be involved in is a multi-year tree planting project in Kuala Lumpur in collaboration with the Malaysian Nature Society and the Ministry of Natural Re-sources and Environment. Through the project, the bank has contrib-uted to the improvement of the urban ecosystem, reduce the carbon footprint at the site, and enhanced the verdant landscape in the city.

The bank also reviews its energy consumption on a regular basis, and implements enhancement measures that help efficiently manage electricity usage including revising the air-conditioning operating hours and investing in energy-saving light fixtures. In extending its scope both internally and externally, Public Bank further encourages its own employees, as well as its vendors and service providers to use elec-tronic documents to reduce the duplication of hard copy documents. Furthermore, it joins the global community every year in participating in the WWF’s Earth Hour event wherein all of the bank’s non-essential lights are switched off to do its part in raising awareness on environ-mental conservation.

Sino Land Company Limited (Hong Kong)

With a keen eye focused on building a sustainable and thriving environment, Sino Land is committed to managing its environmental footprints and driving positive impacts to the environment. As a testa-ment to the environment’s importance to the firm, it has established a Sustainability Committee to oversee its environmental initiatives and promote a green corporate culture throughout its business operations. In the process, environmental reviews are performed on a regular basis to pinpoint the different priorities that will be designated for enhancement. In addition, Sino Land continues to adopt resource saving measures and strives to integrate green features into its building architecture and property management, which form key elements of its ‘Sino Green’ mantra.

The company continues to make waves in proactively introducing eco-friendly elements in its building design and project developments, such as landscaping, vertical gardens and tree preservation. Over the past year, it has exclusively published ‘Green Symphonies’, a collection of landscaping projects to share the firm’s works on creating a greener


environment for residents and the public. To further extend its efforts on waste reduction, Sino Land

rolled out a pilot scheme on food waste management at Pacific Palisades and has expanded the programme to other residential developments and shopping malls. The collected food waste was processed into organic fertiliser with an on-site decomposer, which would be used on the plants in the estate, providing a glowing example of the firm’s efforts in turning trash into treasure.

SM Prime Holdings Inc (Philippines)

SM Prime Holdings builds on a greener world through its dedi-cated SM Cares Program which has employed a holistic approach to managing the environment focusing on energy efficiency, solid waste management, air quality and water recycling.

Environmental sustainability runs at the core of every project of SM Prime. For instance, the SM malls have an active solid waste management system that engages not just the employees and customers, but the whole community. In laying out the green blueprint, the company is adamant on constructing environmen-tally conscious green buildings that operate to reduce carbon footprint and promote energy efficiency. Each SM mall also comes equipped with treatment plants to recycle water, and collectively recycles 3.3 million cubic meters of water that is equivalent to 1,300 Olympic-sized swimming pools.

SM Cares also utilizes a combination of communication campaigns through its Green Retail Agenda and the Green Film Festival. Its rehabilitation efforts such as the replanting of trees, progressive sustainable architecture and engagement programs raise the environmental consciousness among Filipinos. In ad-dition, SM Prime initiated the trash-to-cash recycling market which allows anyone to exchange their recyclable materials and household items for cash.

By taking care of the environment, SM Prime lives up to its name by being in prime position to take care of the communities it is a part of and help promote sustainable progress.

Sun Hung Kai Properties Ltd (Hong Kong)

As a staunch advocate for environmental protection, Sun Hung Kai Properties has instilled a culture of respect for the environ-ment and is committed to promoting green building initiatives. Indeed, environmental considerations are always integrated into the decision-making process with regards to the entire building life cycle.

The property development firm also works diligently to

promote green messages among its staff and the wider public, and supports community events to maintain a sustainable living environment. Sustainable design and construction are essential parts of its environmental efforts. Sun Hung Kai Properties ap-plies stringent local and international green standards to oversee every stage of the building life cycle, including energy, materials and waste management. This is evident in the increasing number of its buildings and sites that have received certifications or pre-certifications under the Hong Kong Building Environmental Assessment Method and the Leadership in Energy and Environ-mental Design.

On top of these efforts, Sun Hung Kai Properties continues to promulgate green living through its extensive residential and commercial property portfolios. During the year, the company joined various energy-saving and carbon-reduction campaigns. Meanwhile, a series of activities under its Love Nature Cam-paign delivered green messages to the younger generation, including beach clean-ups and nature-inspired excursions which involved primary school students, SHKP volunteers and their families and friends.

The Link REIT (The Link Real Estate Investment Trust) (Hong Kong)

Exceptional environmental stewardship has been a hallmark of The Link REIT’s business operations as it continuously acknowl-edges the significance of enhancing the environmental perfor-mance and energy efficiency of its buildings.

In the past year, the company continued to embark on aggres-sive programmes for existing shopping centres to retrofit chiller plants, replace lighting systems and apply other energy saving equipment such as solar film for skylights and glass walls and variable speed drives. The programmes have in turn resulted in substantial savings in electricity consumption.

The Link REIT also educates the community on how to think and work responsibly and provide green knowledge that can be applied to daily life. For example, its Eco-Terrace program at Lok Fu Plaza demonstrated the successful partnership with over ten green groups, establishing a pioneer farmland that enabled nearby residents to take part in farming activities at the terraced field. In addition, its asset enhancement of Stanley Plaza also incorporated a range of eco-friendly designs geared towards reducing energy use and waste, which led to the achievement of the Hong Kong Building Environmental Assessment Method Platinum Standard.

Moving forward, the Link REIT recognizes that on top of identifying and satisfying local environmental legislations and statutory requirements, the firm will continue to reference against international guidelines and best practices in establishing green supply chain management, rental agreement and leases, internal controls and management systems to ensure it meets and even surpasses environmental requirements and targets. n



China

Anta Sports Products LtdAt all times, Anta Sports’ senior management believes that effective communication with the investment community in a timely man-ner through various media forms an essential part of its operations. Throughout the past year, the company held regular briefings, at-tended investor conferences and participated in road shows to meet institutional investors and financial analysts in China, Hong Kong and overseas countries to keep them abreast of the firm’s business and development.

As a major communication channel with its investors, Anta Sports’ Annual General Meeting allows the Directors to meet and communicate with shareholders, and here, the company ensures that shareholders’ views are communicated to the Board. During the meeting, the chairman of the AGM proposes separate resolutions for each issue to be considered, and exercises his power under the articles of association of the company to put each proposed resolution to the vote by way of a poll. The procedures for demanding and conducting a poll are clearly explained at the beginning of the meeting, and the corresponding voting results are immediately posted on the corporate website on the day of the AGM.

Reflecting its core values of transparency and accountability, members of the Audit, Remuneration and Nomination Committees and the external auditor also attend the AGM to answer questions from shareholders. Moreover, the AGM proceedings are regularly reviewed to ensure that the company follows best corporate gover-nance practices.

In further establishing mutual dialogue with its investing com-munity, Anta Sports’ shareholders are provided with contact details of the company, in order to enable them to make any query that they may have with respect to the company. In addition, shareholders can contact Computershare Hong Kong Investor Services Limited, the Hong Kong branch share registrar of the company, regarding any enquiries about their shares and dividends.

Agile Property Holdings LtdAgile Property Holdings continues to uphold its management concept of “mutual communication for a win-win situation”. The company always keeps close dialogue with the investment community through a multitude of channels alongside maintaining a high level of transpar-ency. In addition, it aims to enhance investors’ understanding of its business by informing the market about operating results and latest developments in a timely and precise manner. The firm also takes into account the valuable suggestions from investors when formulat-ing strategies. As a result, the firm continued to receive greater market attention, and its investor base has become more solid and wider.

In the past year, Agile Property Holdings’ management and investor relations team actively organised and participated in various investor relations activities, including results announcement inves-tor presentations, non-deal road shows, investor conferences held by investment banks and securities companies, company visits, sell-side analysts site visit tour, and site visits.

The firm has admirably demonstrated that it values the differ-ent opportunities to communicate with investors, and management responded proactively to their queries on results, and development strategies. Senior management also took part in in-depth discussion with investors on the latest industry trends and has promoted better investor relations. Moreover, the company regularly disseminates the latest operation news through announcements, press releases, newslet-ters and company website in a timely and proactive manner.

Looking forward, Agile Property Holdings is dedicated to making concrete efforts to maintain highly efficient and professional investor relations. With an aim to improve referential and time value of the information, and to promote the long-term development of the firm, it will seek to uphold a candid attitude, optimise investor relations work, keep mutual communication with the investment community and maintain a high level of corporate transparency.

Bank of China LtdBank of China continued to forge stronger ties with the investment community in the previous year. Following its successful annual and interim results announcements, the bank deftly organised non-deal road shows wherein senior management thoroughly explained the bank’s strategies and operating performance to investors.

Showing its propensity to being in touch with its stakeholders, Bank of China proactively enhanced its investor relations activities by participating in influential investor conferences, expanding its inves-tor coverage base and earnestly communicating with investors and analysts to consistently highlight the bank’s competitive advantages. The bank’s senior management and representatives of major depart-ments held valuable meetings with domestic and overseas institutional investors and analysts, which effectively improved the investment community’s understanding of its investment value. On the digital front, the bank also enhanced its investor relations webpage to ensure that investors received comprehensive information and offers a user-friendly experience.

Bank of China also remained sharp in enhancing the manage-ment of its external credit rating affairs and improved the effec-tiveness, timeliness, professionalism in related communications. Moreover, the bank strengthened communication on multiple levels regarding its risk management, liquidity management, operating performance and development strategy.

Also in the past year, Bank of China responsibly prepared and disclosed its regular and provisional reports in strict adherence to the principles of truthfulness, accuracy, completeness, timeliness and fairness. Adding to this, it continuously enhanced the pertinence, effectiveness and transparency of information disclosure in order to ensure investors’ access to relevant information.


China Construction Bank With a firm grasp of its various communications channels, China Construction Bank has long stood tall in the investor relations space, in parallel with its commitment to exemplifying business integrity and attaining international standards of corporate governance with the aim of delivering significant value to its shareholders. Since its establishment, it has upheld its firm belief that establishing open and effective communication channels with the investment community is principal to its on-going mission of forging its status as an internation-ally competitive and modern commercial bank.

Investor relations has always been an principal pillar of China Construction Bank’s corporate governance culture. As a reflection of this, in carrying out its investor relations China Construction Bank readily exchanges opinions with its shareholders through the array of channels in its portfolio such as shareholders’ general meetings, results announcement conferences, road shows, receptions of visitors during visits and handily responding to telephone enquiries. On a regular basis, its senior management receives and duly considers market feedback and opinions from the investment community that it uses as a tool to help improve the governance and operations of the bank.

In the past year, China Construction Bank organised and ar-ranged results announcement conferences, analysts’ on-site briefings and conference calls during the period of its annual and interim results publication. Moreover, it ensures that relevant announcements of the bank’s results are published on designated newspapers and corporate websites for shareholders’ easy review.

China Communications Services Corporation LtdIn living up to its name, China Communications Services has exemplified efficient investor relations in its business operations. On top of maintaining sound corporate governance, the company has strictly adhered to its fundamental principle of effective, timely and fair information disclosure with its valued stakeholders. Consequently, through its steadfast prompt and interactive communication with the capital market, investors are able to clearly grasp comprehensive and in-depth understanding of the Company. Moreover, China Com-munications Services has also actively listened to suggestions and comments on its operation and management from the capital market and has been adamant in enhancing the value of the company.

Manifesting its emphasis on establishing comprehensive investor relations, the company always strives to communicate with the capital market through its multi-channel interactive communication mecha-nism, such as investor and press conferences, non-deal road shows, investor forums held by investment banks, one-on-one meetings, teleconferences and video conferences, emails, press releases as well as investor relations website. In the past year, the senior management and the investor relations team of the company held meetings and communicated with analysts and investors the different channels that have proven effective in disseminating its corporate information.

In line with this, China Communications Services has made it its

mantra that information disclosure is not only the responsibility and obligation to protect investors’ interest in accordance with relevant regulatory provisions, but also an important tool to improve transpar-ency, enhance the understanding of the firm by the capital market and establish a smooth communication channel.

Since its listing, the company has stringently complied with the information disclosure requirements for listed companies and made information disclosure in a timely, just, fair and accurate manner for the benefit of its stakeholders.

China Overseas Land and Investment LtdCommunication with shareholders and investors has been a long-standing hallmark for China Overseas Land and Investment, which has been more than welcoming in intently listening to suggestions and answering any queries that might be raised in the process. The company has always been and continues to be steadfast tin enhancing the transparency of corporate information, with a view to improving its corporate governance standards and capability to deliver optimum value to shareholders.

At the heart of its effective investor relations drive is its outstand-ing Public Relations Department, which applies a multi-dimensional platform to effectively disseminate information and communicate with third parties. Through China Overseas Land and Investment’s corpo-rate website, emails, the project visit appointment system and investors’ meetings through interviews, phone calls and video conferences, the company provides an instant response to the requests of sharehold-ers and investors. As a result, the frequency and effectiveness of our communication initiatives has been soaring, while feedback from the investor community has also been effectively furnished to the senior management to enhance the two-way communication channel.

In recent years, China Overseas Land and Investment has pursued revising the format of its operating information briefing to disclose monetary amounts and GFA in property sales for which contracts have not been signed, which has further enhanced its transparency and maintained its edge in terms of the quality of information disclosure. The company has also organised analysts’ meetings in respect of its interim and annual results announcement, which were simultane-ously broadcasted to investors across the globe in a clear and efficient manner. Furthermore, it held numerous investors’ meetings, company visits, telephone conferences and group visit to its property projects with investors over the course of the year.

China Everbright International LtdSignificantly shining even brighter in the investor relations space is China Everbright International, in parallel with its concerted ef-forts to maintain a high standard of corporate governance which it believes is increasingly important for maintaining and promoting the confidence of the shareholders of the company.

The firmly soundly understands the importance of efficient and effective communications with the investor community. Incorporat-ing this philosophy into its corporate culture, briefings and meetings


with institutional investors are conducted regularly to provide them with up-to-date and comprehensive information about the firm’s development.

In addition, China Everbright International consistently facilitates the initiation and coverage of the company published by research analysts of well-received investment banks, which are instrumental in providing investors with independent and professional evaluations of the firm. To expand its outreach with the investor community, the company actively participates in different international forums and overseas non-deal road shows to elaborate on its business develop-ment plans to global investors.

Furthermore, the company arranges site visits for investors and media to its key projects across China, and has exclusively established a function dedicated to investor relations and engaged an external public relations company to handle its investor relations matters. The company also maintains a reader-friendly website which renders shareholders, investors and the general public convenient access to corporate information in a timely manner.

Building on this framework, a shareholders communication policy has been established to enable shareholders to exercise their rights in an informed way, and to allow them to engage actively with the company. With this in place, shareholders may at any time send their enquiries and concerns via the corporate website and may also make enquiries with the Board of Directors at the general meetings initi-ated by the company.

China Oilfield Services LtdChina Oilfield Services added to its glowing track record in sound investor relations in the past year, stemming from its Board of Direc-tors’ emphasis on the importance of engaging its stakeholders. In responsibly carrying out its responsibilities, the oil company has been consistent in maintaining an on-going dialogue with its shareholders through general meetings, press releases, annual and interim reports, and circulars.

Garnering equal emphasis is China Oilfield Services’ insistence on the timely disclosure of information. To this end, the latest information regarding the firm’s activities, announcements, results presentation, webcasts and stock information are readily uploaded and available on its corporate website in a timely manner.

Behind China Oilfield Services’ drive is its Investor Relations function which oversees its comprehensive engagement with investors. An active and open dialogue with institutional investors is maintained through regular investor interactions, including meetings, investment conferences and road shows. In addition, timely feedback from inves-tors and analysts’ reports on the company are circulated to the Board and senior management on a regular and systematic basis to further promote a better understanding of external views regarding the firm’s performance.

Adding to its solid investor relations framework, China Oilfield Services constantly reviews its array of communication channels on a regular basis to ensure its effectiveness. Throughout this process, the Board has openly welcomed views, questions and concerns from its shareholders and stakeholders which it takes into careful consider-ation to help enhance the two-way relationship of the parties.

China Mengniu Dairy Company LimitedChina Mengniu Dairy Company aims to present a clear and bal-anced assessment of its financial position and prospects as part of its proactive policy in promoting investor relations and communications. Further driving its efforts in its communication with the investment community is its dedication to ensuring high standards of corporate governance with an emphasis on increasing transparency and ac-countability to shareholders.

Comprising its suite of communication channels, fruitful regular meetings are held by China Mengniu Dairy Company with its institu-tional investors and financial analysts to ensure two-way communica-tions on the company’s performance and development. During the period when the company announces its interim and annual results, briefings are subsequently conducted to apprise investors, analysts and the media regarding the company’s operating results, as well as touching upon its business strategies and outlook in the coming months.

Meanwhile, its comprehensive investor relations website is up-dated on a timely basis to ensure that investors are able to have access to the company’s information, latest news and reports. The website further contains additional features such as webcasts, corporate gover-nance practices, analyst coverage, as well as environmental, social and governance reporting.

For enquiries directed to the Board of Directors, the investment community may contact the Company Secretary and the company endeavors to respond to such queries in a timely manner. In addition, the shareholders are given the alternative to contact the company’s share registrar in Hong Kong regarding any enquiries pertaining to their shareholdings or entitlements to dividends.

China Resources Enterprise LtdIt is the firm belief of China Resource Enterprise that a good and solid corporate governance framework is critical to the successful growth of the company and the enhancement of shareholder value. Forming an indispensable part of its resolute dedication to uphold-ing the optimum standard of corporate governance, the company spares no efforts to maintaining a well-structured communications framework to support its aim of achieving long-term and sustainable shareholder value.

Tracing its roots back to its establishment, the firm has always been committed to ensuring transparent and timely information disclosure with the investor community with regard to its operational performance and major business development. As a result of its unwavering work incorporating this innate philosophy, the com-pany has made its mark as one of the pioneering Hong Kong-listed companies to voluntarily disclose quarterly financial information and operational review.

In the past year, China Resources Enterprises diligently conduct-ed meetings which engaged analysts and fund managers, that were on top if its regular investor presentations for results announcements and


the annual general meeting. The company also conducted road shows during the year and met with institutional investors across the Asian region to present informative updates on its business expansion.

Further reflective of going above and beyond the traditional stan-dards of investor relations, the company continues to host site visits in Shenyang for investors to showcase the scale and operations of its beer manufacturing plant, distribution channel of beer and beverage businesses, as well as various retail store formats.

China Telecom Corporation LtdChina Telecom has long been connected to its core value of provid-ing sound investor relations Department which has consistently provided shareholders and investors with the necessary information, data and services in a timely manner. The firm also maintains proac-tive communications with shareholders, investors and other capital market participants so as to allow them to fully grasp its operation and latest developments as they happen.

In demonstrating their leadership, China Telecom’s senior management presents the annual results and interim results in Hong Kong, while through various activities such as analyst meetings, press conferences, global investor telephone conferences and investors road shows, they provides the capital markets and the media with important information and respond to key questions which are of paramount interest to the investors. Subsequently, such a framework has helped reinforce the understanding of the company’s business in China.

Since 2004, China Telecom has been holding its Annual General Meetings in Hong Kong as a convenient way to encourage its share-holders to actively promote the direct communication and exchange of ideas between the Board of Directors and shareholders. With an aim of enhancing communications with

the capital market and improving the transparency of informa-tion disclosure, the firm has readily provided the quarterly disclosure of revenue, operating expenses, EBITDA, net profit figures and other key operational data.

China Telecom also actively seeks recommendations on how to improve its annual report from shareholders through surveys, and in accordance with these recommendations, the firm has prepared and distributed the annual report in a more environmentally friendly and cost-saving manner. The shareholders can opt to receive the an-nual reports and other communications material through electronic means that helps promote another of its core values – environmental protection.

CNOOC Ltd In staying true to its corporate culture and principles, CNOOC has always upheld and attained a high standard of business ethics, for which the public and its shareholders have duly recognized its transparency and high standard of corporate governance. Through the company’s existence, its exceptional Board of Directors fully grasps the importance of good and effective communication with the investment community. In adopting a policy of being transparent, strengthening investor relations, and providing consistent and stable

returns to shareholders, the company has sought to ensure transpar-ency through establishing and maintaining different communication channels with shareholders at all times.

Playing an instrumental role in its dialogue with stakeholders is CNOOC’s professionally run investor relations unit which has capably served as a crucial communication channel for the benefit of the investment community. The team has commendably established a culture of effective communication with shareholders and investors as exemplified by the prompt and timely dissemination of corporate information. In addition to announcing its interim and annual results to shareholders and investors, the unit also publicises the company’s major business developments and activities through press releases, an-nouncements and the corporate website in accordance with relevant rules and regulations.

Furthermore, CNOOC ‘s annual general meetings have provided a valuable forum for shareholders to exchange views with the Board of Directors. The Chairman of the Board, as well as Chairmen of the Audit Committee, Nomination Committee and Remuneration Committee are all present to respond to questions from sharehold-ers at annual general meetings and extraordinary general meetings. Senior management have also ensured that the external auditors are present at the annual general meeting to answer questions with regards to the conduct of the audit, the preparation and content of the auditors’ report, the accounting policies adhered to, and the independence of the auditors.

Cosco International Holdings LtdCOSCO International adamantly considers that instilling a culture of exceptional investor relations is critical to the creation and en-hancement of its shareholders’ values. The company fully safeguards the investors’ and shareholders’ right to be informed, and takes the initiative to communicate with them in a fair and equal manner through open, fair and just channels, with the view of increasing their understanding and recognition of the firm. Through commu-nications, the company also works conscientiously to understand the expectations and opinions of its shareholders and investors, thereby enhancing its corporate governance and transparency, and ultimately enhancing the company’s investment value.

To effectively implement investor relations management, COS-CO International meticulously crafted its Regulations for Investor Relations Management and the Information Management Policy. As a result, the policy has been fundamental to providing a clear guid-ance for its investor relations team to conduct investor presentations, categorise various types of corporate information and regulate disclo-sure procedures in order to ensure that all shareholders, investors and the media can obtain necessary information regarding the company on a fair and open basis.

COSCO International has also made it a primary priority to extensively collect market feedback and recommendations on the de-velopment and capital operation of the company from its sharehold-ers and investors through various IR activities including meetings, press conferences, road shows, company visits and investors presenta-tions, among others. The collected information is then reverted to the Board of Directors and senior management which is regarded as


valuable reference information when formulating decisions, which has greatly enhanced the corporate governance and transparency standards and goes a long way in upholding the firm’s sustainable development.

Cosco Pacific LtdMaking its mark consistently in the investor relations space is COSCO Pacific which has always regarded this function as a signifi-cant aspect in its corporate governance practice. As such, its investor relations team aims to provide an efficient two-way communication channel between senior management and investors. In line with this, the company prioritises the release of accurate information in a timely manner, and adhering to standards higher than those of the disclosure regulations governing the company’s listing.

Time and again, Cosco Pacific has won the hearts of the invest-ment community by responding promptly to investors’ enquiries and organise planned, regular communications such as investor meetings, panel discussions and press conferences. These various channels have helped to ensure that the firm’s strengths and competitive advantages, as well as its ability to manage changes in the business environment, are fully understood, and are subsequently reflected in the company’s market valuation.

As a key part of its strategy, Cosco Pacific’s investor relations team regularly informs senior management of the latest market movements and market perceptions of the company, issues of con-cern to investors and changes to regulations or compliance require-ments, as well as international best practice in investor relations. Moreover, the Company has been consistent in conducting analysis on shareholder structure on a regular basis, which includes reviewing

Institutional and retail investors to keep track of changes in shareholdings by type of investor, which has paved the way for establishing sound relationships with its existing and potential shareholders.

To understand COSCO Pacific better, the company regards its annual report as the essential reference for shareholders and investors. With each passing year, COSCO Pacific has pulled out all the stops in prudently preparing the annual report to present the theme effec-tively, and incorporate human elements into its design to enhance the reading experience for its valued shareholders.

Dalian Wanda Commercial PropertiesDalian Wanda Commercial Properties is committed to maintain-ing high standards of corporate governance at all times with an emphasis on the principles of transparency, accountability and inde-pendence. With this guiding philosophy, the company’s outstanding Board of Directors understands the importance of good and effec-tive communication with its shareholders in conducting its investor relations function.

In its engagements with the investment community, compre-

hensive corporate information is disseminated to shareholders in a timely manner through a multitude of effective channels, which comprise reader-friendly interim reports, annual reports, announce-ments, notices and circulars, which are swiftly published onto its corporate website.

In addition, Dalian Wanda Commercial Properties’ annual gen-eral meeting has been well established as an instrumental platform that facilitates open communication between the Board of Directors and the company’s shareholders. The Chairman actively participates at the AGM and personally chairs the meeting to respond to any questions from the firm’s shareholders.

Building on the AGM, to further ensure effective communication between the company’s shareholders and the Board, Dalian Wanda Commercial Properties has shareholders communication procedures in place since 2012. The communication procedures have cemented the Board’s commitment to maintain an enduring dialogue with the company’s shareholders and in particular, use the AGMs or other general meetings to communicate with them and encourage their ac-tive participation to gain a better grasp of the firm’s operations.

In the years to come, Dalian Wanda Commercial Properties remains focused on enhancing and expanding its scope on investor relations. It is intent on reviewing and improving its existing practices on the basis of its experience, regulatory changes and developments.

Fosun International LimitedTaking its place as a top investor relations practitioner, Fosun Inter-national considers that effective communication with shareholders is critical for enhancing investor understanding of the company’s busi-ness performance and corporate strategies. Such view lies in parallel with the firm’s unwavering commitment to achieving high standards of corporate governance that help safeguard the interests of share-holders which ultimately leads to an enhanced corporate value and accountability.

As one of its foremost communication vessels, the general meet-ings of Fosun International provide a forum for two-way communi-cation between the Board of Directors and its shareholders. During the meetings, the company’s Chairman as well as the chairmen of the Audit, Remuneration and Nomination Committees, members of the respective committees and the chairman of the independent Board committee are in attendance and make themselves available to respond to the questions raised.

Fosun International also recognizes the importance of transpar-ency and timely disclosure of corporate information, which enables its shareholders and investors to come up with the best investment decisions. As such, the firm consistently delivers its most updated in-formation via announcements made on the Stock Exchange of Hong Kong’s website, constant communication with analysts, regular meet-ings with investors, maintenance of the corporate website concerning investor relations, and the dissemination of an investor’s newsletter and public forum. Similarly, an up-to-date version of the Company’s Articles of Association is available on the Company’s website and the Hong Kong Stock Exchange’s website.

In furthering its endeavors to promote effective communication and distribute material information about the company to the public,


Fosun International constantly updates its corporate website. This is to ensure that information and the latest news on the company’s busi-ness developments and operations, financial information and other information are easily accessible on the fingertips of the investment community.

GCL-Poly Energy Holdings LtdCentral to GCL-Poly Energy Holdings’ close bonds with the investing community is its philosophy that effective investor relations is instru-mental in enhancing investors’ grasp of the company, elevating the quality of corporate governance and generating shareholders’ value.

The past year was an eventful one for the company, as it rolled out various non-deal road shows across Hong Kong, Singapore, Taiwan, US, Europe and China to promote the organization in the capital markets. Buoyed by the upswing in the photovoltaic industry, GCL-Poly Energy Holdings proactively engaged with the investing community to keep them abreast of the overall condition of the solar industry. The firm also informed its investors of the various measures it has undertaken in response to the market changes, and elaborated on the effects the changes have had on the industry as a whole so as to maintain their confidence in the future growth of the company.

GCL-Poly Energy Holdings initiated a number of site visits dur-ing its Open Day with the aim of assisting global investors in learning more about its manufacturing competitive advantages in the solar industry. In particular, the firm invited major media groups, research analysts from investment banks, fund managers and large investors across the world to visit its power plants, as well as polysilicon and wafer manufacturing facilities in China. Through the face-to-face meetings with company personnel, the media and investors were able to experience the company’s operations first-hand and gain a better understanding of the firm.

In addition, GCL-Poly Energy Holdings constantly enhances its communication channels such as regularly updating the information housed in its corporate website on a timely basis. The firm has also ventured into various social networking platforms as a new avenue to immediately provide investors with the latest business developments of the company right at their fingertips.

ICBC Ltd Among the cream of the crop of investor relations practitioners is ICBC, which has continuously improved its investor relations services adhering to the principle of serving investors in a proactive, profes-sional and efficient manner, safeguarding investors’ legitimate rights and interests, while promoting continuous improvement of corporate value and generating good return to shareholders.

Building on its experience, ICBC comprehensively strengthened its communication with investors over the course of the year through organizing press conferences in relation to periodic results, domestic and overseas non-transactional road shows, press conferences with large institutions, reverse road shows and daily reception. It also

continued to optimize its investor communication e-platform which comprises its highly responsive investor relations website, investor hotline and investor email to maintain close connection with global investors in a timely and convenient fashion.

ICBC further bolstered its information collection and market information feedback transmission mechanism, captured the latest operating results of the bank, trends of capital markets, viewpoints of analysts and macroeconomic data in a timely manner by establish-ing a trans-department and trans-institution internal coordination mechanism, which provided full and sound data support to help enhance communication with investors.

With regards to its dialogue with the capital market, ICBC actively solicited the expectations and opinions of the capital market on the Bank, as well as recommendations concerning the operational development of the bank with an aim to push forward the continu-ous enhancement of its corporate governance standards and inherent value. Furthermore, the bank closely monitored changes in its share-holding structure, strengthened service awareness for shareholders, and deftly handled special shareholding matters.

Moving forward, ICBC is well positioned to further and pro-actively deepen the communication and exchange with investors to enhance the investors’ understanding and acceptance of the bank, and simultaneously help generate further support and attention of the investment community.

Li Ning Company LtdWith its Board of Directors and senior management leading the way, Li Ning continued to be committed to maintaining an effective investor relations programme. During the year, the sportswear com-pany strived to enhance the understanding of the firm’s corporate strategies, current business development and operations in relation to financial performance through active communications with the sell-side and buy-side, as well as individual shareholders. To enhance its effectiveness, communications with stakeholders was two-fold: the company provided convenient and readily available access to information through its investor relations department and corporate website, while the investment community was also encouraged to reach out to the company directly with their enquiries.

In the past year, Li Ning took a more targeted approach in its in-vestor outreach in order to communicate in a focused and consistent manner to a more relevant investor audience. Consequently, such engagement activities with its investors via meetings and perception audits allowed the firm to understand their concerns and opinions, and through this investor intelligence it was able to enhance its com-munication narrative.

As it always has been, effective investor relations communication is an integral part of Li Ning’s management philosophy. Looking ahead, the company will continue to implement the next stages of its Transformation Plan and maintain effective communications with investors. Through its dedicated and professional investor relations unit’s efforts, the company aspires to instil further confidence among investors and enhance their understanding of its business as it seeks to navigate through the next stages of its transformation journey.


Ping An Insurance (Group) Company of China LtdStaying atop its investor relations responsibilities, Ping An Insurance has spared no efforts in adhering to the principles of compliance, objective-ness, consistency, timeliness, interactivity and fairness in providing ser-vices actively, passionately and efficiently to local and foreign investors. It follows this principle to the very core, aimed at boosting ties between the company and its investors, enhancing its corporate governance stan-dards and realizing the corporate value of fairness of the company.

One accessible way for the investment community to explore infor-mation on Ping An Insurance is through its corporate website, which as served as an outstanding communications platform where its business developments and operations, update financial information, corporate governance practices are available for public access. In addition, share-holders and investors have the option to write directly to the company’s astute investor relations team through a dedicated e-mail address for any inquiries which are subsequently dealt with in an appropriate manner.

Over the past year, Ping An Insurance placed a strong focus on communication with the capital market with regards to its integrated financial strategy, cross selling, as well as planning and development across all its business segments. When engaging with the investment community, the firm illustrated its annual, interim and quarterly results via public presentation, video and telephone conferences, and road shows. In painting a clearer picture of its special projects and activities, the company utilized telephone conferences, gathering of stock market analysts, and Corporate Strategy Day, among others to actively promote them in the market.

In concert with maintaining sound communication with institu-tional investors, Ping An Insurance also established adequate communi-cation channels to engage medium and small investors with the aim of providing better services and to protect their rights and interests as part of its investor relations commitment.

TCL Communication Technology Holdings LtdAs a prominent electronics company, TCL Communication Technology Holdings values communication with its shareholders and the invest-ment community as a fundamental cog in its business operations. Bring-ing this corporate philosophy to the forefront is its formidable Board of Directors which stands by its commitment to enhancing the company’s corporate governance standards by improving corporate transparency through utilizing effective channels of information disclosure. Further-more, the Board of Directors collectively espouse that good corporate governance is unmistakably beneficial for maintaining close and trustful relationships with its shareholders and the investment community.

Incorporating a responsive and proactive approach to investor relations, TCL Communication Technology Holdings has sought to maximize its corporate website to disseminate valuable information and pertinent updates to the investment community. Throughout the course of its operations, all of its published information such as its annually reports, statutory announcements, press releases and event calendars is promptly uploaded onto the corporate website that features a vibrant in-

terface. To facilitate a mutual relationship with its shareholders, they can reciprocally send enquiries and proposals through a dedicated e-mail ad-dress that will be put forward for consideration at shareholder meetings which will be handled by the Board of Directors or senior management. More over, shareholders can raise their questions directly to the Board and senior management during the general meeting of the company.

Yuexiu Property Company LimitedWith a dedicated section devoted to it in its annual report, there is no question that its investor relations function ranks high in the list of Yuexiu Property Company’s list of priorities. It is evident that the property development firm fully recognizes the importance of maintaining a good relationship with its wide range of shareholders and investors.

In addition to dedicated personnel responsible for investor relations, the company’s executive directors and senior executives frequently attend investor conferences and seminars organized by investment banks and hold meetings with institutional investors on a regular basis. Its Board of Directors also regularly listens to work re-ports on investor relations which comprise of feedback from investors, forecasts by analysts, data and analysis of research reports, and stock price performance.

Over the course of the year, Yuexiu Property Company further enhanced its efforts on investor relations and maintained timely and effective communication with shareholders and investors through diversified channels, which created opportunities for more investors to gain an in-depth understanding of its business strategies and opera-tions. On the flipside, constant engagement also allowed its senior management to gain a better understanding regarding the feedback from the capital market, which has helped promote the continuous development of the firm, and consequently deliver higher returns to shareholders and investors with optimum results.

Among its other investor relations programs, Yuexiu Property Company also held road shows in Hong Kong, Shanghai, Beijing, Singapore and Europe. Moreover, it proactively attended large-scale investor seminars, organised one-on-one meetings and conference calls, and held numerous site visits at its different projects. Through such engaging activities, the company was able to clearly and ad-equately communicate its financial results and latest developments with investors, while also allowing the investment community to get better acquainted with its business operations.

Hong Kong

BOC Hong Kong Holdings LtdBOC Hong Kong Holdings is a familiar face when it comes to adopt-ing best investor relations practices, as it implements sound investor relations programs that have been designed to promote, through vari-ous channels, timely and effective communication with the investment


community to enhance their knowledge and understanding of its development and strategies.

Going into the heart of its IR function, BOC Hong Kong Hold-ings’ investor relations strategies and programs are formulated and overseen by the Investor Relations Committee, which is chaired by the Company’s Chief Executive and consists of other senior manage-ment. In particular, the Investor Relations Division of the Board Secretariat is responsible for the implementation of its wide-ranging strategies and acts as an intermediary between the bank and the in-vestment community. To ensure its optimum effectiveness at all times, both the Board and the Committee evaluate the effectiveness of the investor relations programs on a consistent basis.

Commendably doing its part is BOC Hong Kong Holdings’ senior management, which has been highly supportive and actively involved in its investor relations activities such as keeping the invest-ment community up to speed with the company’s developments in meetings, conferences and road shows. Throughout the meetings, the senior management thoroughly discusses and clearly explains general public information, including disclosed financial information and historical data, markets and products strategies, business strengths and weaknesses, growth opportunities and threats.

Heading into the coming years, BOC Hong Kong Holdings has embraced the principles of timeliness, fairness and transparency, in its ongoing pursuit of proactive investor relations practices. The bank will continue to formulate effective investor relations programs to keep the investment community adequately informed of the com-pany’s present adend future development. Furthermore, the company looks to stay on its present path of benchmarking its programs against best practices geared towards its continuous improvement and height-ened communication with the investment community.

Café de Coral Holdings LtdA proactive approach underscores the corporate philosophy of Café de Coral in the implementation of its investor relations function. The firm’s astute Board of directors and management have shown remarkable commitment to maintaining elite levels of corporate governance and striving for a transparent, responsible operations focused on enhancing and safeguarding shareholder value and inter-est. The Board believes that effective investor relations practices are an essential factor to creating more value to shareholders, and as such, it continuously reviews and remains committed to an even more transparent dialogue with its stakeholders.

In the past year, the company has regularly engaged with its institutional investors, financial analysts and financial media, and subsequently releases information related to the business progress of the company with a focus on clearly disseminating the recent develop-ments of the company through mutual and efficient communications.

Alongside these efforts, Café de Coral has regularly participated in conferences and road shows throughout the year to bolster its mutual relationship with the investment community. The company also conducted regular meetings with a number of financial analysts and financial media to update them on its business performance and future directions. Moreover, investors are most welcome to send their

enquiries directly to the Investor Relations Officer via email or browse the corporate website to obtain the latest releases and financial results information.

Esprit Holdings LtdTransparency and full disclosure lie atop Esprit Holdings’ core values when it comes to its investor relations practices, and fully recognizes the utmost significance of timely quarterly trading updates, interim and non-selective disclosure of corporate information.

The firm makes it a point to actively distribute information on its annual and interim results, as well as sending out first and third quarter trading updates through email alerts. In addition, it organizes a results briefing to ensure that members of the public have access to first-hand information on the results announcements of the company. A live webcast is available along with an archive on its dedicated in-vestor relations website so that the results briefing is readily accessible to investors all over the world in English.

On top of publishing its reader-friendly annual and interim reports, Esprit Holdings voluntarily releases quarterly trading updates to enhance the transparency of the company even further. Dating back to 2004, the company has diligently adopted International Financial reporting standards so as to make the financial results be more easily understood and digested by international audiences in a consistent manner. Going the extra mile, another illustration of the company’s efforts towards enhancing shareholders’ understanding of its operations is the inclusion of a glossary of terms commonly used within Esprit Holdings in its annual reports.

Comprising another critical component in its investor relations activities, Esprit Holdings has put in place a well-defined shareholders communication policy that ensures shareholders and the investment community at large are provided with ready, equal and timely access to balanced and understandable information about the company. These cover its financial performance, strategic goals and plans, mate-rial developments, governance and risk profile which paves the way for its shareholders to exercise their rights in an informed manner, and to enable shareholders and the investment community to engage actively with the firm.

First Pacific Co LtdScaling to new heights in the undertaking of its investor relations function is First Pacific, which always encourages an open and active dialogue with its extensive range of shareholders, whether they be private or institutional, large or small.

Displaying its exceptional leadership in carrying out the critical functions is its Board of Directors which acknowledges its role of rep-resenting and promoting the interests of the company and holds its members accountable to shareholders for the performance and activi-ties of the firm. As such, First Pacific stresses the importance of being responsive to the views and requests of its shareholders at all times.

First Pacific has established formal channels of communication with shareholders such as its comprehensive annual and interim


reports, press releases, published announcements, shareholders’ circulars and its annual general meeting. In particular, the annual and interim reports aim to disseminate the latest developments of the company’s businesses to shareholders and the wider investment community. Furthermore, the annual report outlines its strategic goals for the year ahead, while management’s performance against predetermined objectives are reported and assessed. Collectively, the initiatives have brought about a greater understanding on the part of shareholders and potential investors regarding the firm’s activities and strategic direction.

Every year, the annual general meeting has been the principal forum for First Pacific’s formal dialogue with shareholders. The com-pany’s Chairman, Executive Directors, Chairmen of the Board Com-mittees and NEDs are consistently present at the AGM to respond to questions from shareholders pertaining to specific resolutions being proposed at the meeting and the firm in general. In addition, the company also convenes a special general meeting to approve transac-tions that adheres with the Listing Rules as well as its corporate gover-nance procedures, providing additional opportunities for shareholders to comment and vote on specific transactions.

In order to further promote effective communication, First Pacific also maintains and consistently updates its corporate website featur-ing past and present information relating to the company and its businesses.

Global Brands Group Holding LtdAs a relatively newly listed company, Global Brands Group is already starting to exceed expectations of the investment community and making its presence felt on the investor relations stage. One has to look no further than its proactive policy for promoting investor relations and communications to understand the factors behind its effective IR functions. The policy has helped ensure regular dialogue and fair disclosure to shareholders, fund managers, analysts and the media to tell its corporate story in a clear and consistent manner that uphold the firm’s values.

Its senior management has taken a proactive role in implement-ing its investor relations activities by taking part in various investor meetings on a regular basis. Management has also demonstrated a keen commitment to communicating and cooperating with financial analysts in the publication of their reports on the firm.

Global Brands Group has also optimized its corporate web-site, which features a dedicated Investor Relations section for the convenience of the investment community. The vibrant website has facilitated effective communication between the company and its shareholders, investors and other stakeholders by making corporate information and other relevant information available electronically and on a timely basis.

The website’s coverage also encompasses extensive information detailing the firm’s performance and activities through press release and announcements, as well as easy access to its share and stock prices. Investors are also provided with full contact details on the website to facilitate two-way communication where they can provide their feedback or raise any enquiries they may have regarding the firm’s operations.

Hang Lung Properties LtdLaying down the foundations of its outstanding investor relations framework is Hang Lung Properties’ esteemed Board of Directors has established a shareholders communication policy that sets forth strate-gies that the company has enforced to promote effective communica-tion with shareholders. In doing so, the firm ensures that shareholders are provided with information about the company and enabling them to engage actively with the company, and to exercise their rights as shareholders in an informed manner. The company then conducts a thorough review of the policy to ensure its effectiveness in addressing shareholder concerns.

As one of its foremost channels in its investor outreach, Hang Lung Properties’ annual general meeting provides a productive platform to facilitate sound communication between the Board of Directors and shareholders. During the meetings, the Chairmen of the Board, respective Committees, and external auditors are present to answer queries raised by shareholders.

In Hang Lung Properties’ other IR channels, it is strongly committed to disclosing relevant information on its activities to its shareholders and investors through regular analysts’ briefings, press conferences and press releases, e-mails and corporate website, on top of the annual and interim reports. Conversely, all enquiries and proposals that are received from shareholders, investors, media or the public are responded to promptly by Executive Directors, the Com-pany Secretary or appropriate key executives.

On the digital front, Hang Lung Properties’ corporate information is accessible to all via its informative website. In addition to displaying traditional financial data, the website also features updated informa-tion including properties available for sale and leasing, latest number of issued shares, updated substantial shareholders’ interests in shares, newsletters, major corporate events and frequently asked questions.

Henderson Land Development Co LtdHenderson Land has not only carved out an admirable reputation in the property development industry over the course of its rich history, but also among investor relations practitioners for maintaining open communications with its investors and providing them with timely and accurate information regarding the company and its businesses.

For instance, Henderson Land’s annual general meeting has provided an effective forum in fostering the direct and fruitful com-munication between shareholders and the company. During the meetings, Henderson Land makes it a point that the Chairman of the Board and the chairmen of respective Board Committees are available to adequately respond to questions from the shareholders. In addition, the company’s Auditor is consistently present at the AGM to answer queries regarding the conduct of the audit, the preparation and content of the auditors’ report, and the accounting policies used to enhance the transparency of the company’s financial results. Such extensive efforts stem from the company’s policy to involve sharehold-ers in its affairs and to communicate face-to-face with them about the company’s activities and prospects at the AGM.


In the past year, Henderson Land remained steadfast in enhanc-ing its communications and relationships with its investors through a host of channels. In particular, senior management maintained regular communication and dialogue with shareholders and investors, while meetings with analysts were regularly held following the an-nouncement of interim or annual results which further strengthened its ties with the investment community.

Reflective of its dedication to bolstering its investor relations framework, Henderson Land has also crafted a Shareholders’ Com-munication Policy that cements its commitment to swiftly responding to the needs of its shareholders and ensures they are provided with comprehensive company information at all times.

Established as a channel to further promote efficient communica-tion, Henderson Land regularly maintains a corporate website where its shareholders can retrieve the company’s latest announcements, press releases, business developments, and essential financial informa-tion at the click of a button with ease.

Li & Fung LtdAt Li & Fung, its astute Board of Directors and senior management demonstrate full commitment to the principles of good corporate governance that illustrates its focus on prudent management and ultimately, the enhancement of shareholder value. Such an approach has allowed the firm to emphasize transparency, accountability and independence in its daily operations which are further evident in its clear communication with the investment community.

Forming the bedrock of its outreach to the investment commu-nity is the establishment of a thorough policy for promoting investor relations and communications. By adhering to the policy, Li & Fung has been able to maintain constant conversation and fair disclosure with analysts, media, shareholders and fund managers so that they are able to receive adequate information regarding the company’s wide range of operations.

Displaying its leadership in conducting investor relations activi-ties, Li & Fung’s senior management regularly participate in investor meetings and have also taken part in a number of major investor con-ferences locally and overseas. As a result of these efforts, the company has been well-received by financial analysts, who find it convenient to publish reports on the firm due to the accessibility of its personnel and essential corporate information.

Providing further easy access to the investment community is Li & Fung’s corporate website that contains a separate section specifically for investors. Through the website, the firm has established another effective communication channel in which to engage its shareholders, investors and other stakeholders, by supplying corporate informa-tion and other relevant financial and non- financial information in a timely and transparent manner. As such, the investment commu-nity has been able to retrieve and understand extensive information regarding the company’s performance and activities through its annual and interim report, press releases and announcements. In addition, webcasts featuring its presentation for interim and annual results briefings as well as presentations given by senior management at investor conferences have also been made readily available for all its investors to view.

Melco International Development LtdFostering a culture of sound investor relations has been a staple at Melco Group, that places top priority on raising its standards of corporate governance wherever possible.

One of the most important events on Melco Group’s calendar that it conscientiously prepares for is the annual general meeting of the company which provides an engaging platform for the Board of Directors to openly communicate with its shareholders. The Chairman of the Board, members of the Board and external auditor place great importance to the event and attend the AGM at all times. Furthermore, the firm has provided full support behind its Corporate Governance Code’s principle to strongly encourage shareholders’ participation at the meeting. In return, at the end of the meetings, questioning by the shareholders is encouraged and welcomed regard-ing any concerns they may have to gain a better understanding of the company that would help them make well-informed investment decisions.

Meanwhile, Melco Group’s Company Secretarial Depart-ment and the Corporate Communications Department emphasizes responding promptly to letters, emails and telephone enquiries from its various shareholders and investors. With such a responsive team in place, shareholders and investors can more easily communicate with the company through the numerous avenues they are provided with to raise their enquiries such as through email or by mail.

Melco Group’s accessible corporate website also provides a handy medium to provide information regarding the company that is avail-able to the shareholders featuring a dedicated section on Corporate Governance which is clearly delineated for their convenience.

New World Development Company LtdNew World Development Company has scaled new heights in its commitment to establishing regular dialogue and disclosure with its shareholders, investors, fund managers and analysts. Attesting to the importance it places on investor relations as a core component of its business, the New World Development Company has a separate section reserved in its annual report that clearly details its mission and activities in this space.

Driven by its highly capable Investor Relations Department, the firm proactively reaches out to the investment community, keeping its shareholders and investors informed through a wide array of means such as the annual general meetings, its corporate website, regular investor briefings and roadshows, among others.

In particular, New World Development Company’s annual general meeting is organised every year to enable its shareholders, the Board of Directors and senior management to thoroughly discuss and touch upon important affairs of the company. While sharehold-ers are encouraged to attend and vote at the AGM and other general meetings, the Chairman, members of the Board, together with senior management of the company consistently attend and allot more than adequate time during meetings to receive questions and comments from shareholders. In further enhancing the transparency and ac-


countability, the company also ensures the presence of its external auditor during meetings to respond to questions regarding the audi-tor’s report and the accounting policies used. Following the meetings, poll results that were generated at the general meetings are swiftly made available on the corporate website to ensure shareholders and the general public are given equal access to the results.

New World Development Company’s financial reports act as another primary channel for shareholders and the investment com-munity to familiarize themselves with the latest updates on its business performance and future developments. For instance, its audited finan-cial statements are always announced on time within three months after the end of the financial year, followed by the annual report which reports its financial position, presents the company’s strategies, operations, and assessment of its prospects in a clear and exhaustive manner. As a result of its clarity and reader-friendly format, inves-tors and shareholders are able to comprehend the performance of the firm and its financial positions in the financial reports, and have found it easy to refer to the reports in making their investment deci-sions over the years.

New World Department Store China LtdNew World Department Store has exhibited remarkable dedication to maintaining two-way communication with shareholders and the investment community. Time and again, the company organizes comprehensive investor relations activities such as road shows, regular meetings and conference calls with investors and analysts to provide them with timely and accurate communication. Information dissemi-nated by the company includes financial statements and results an-nouncements which are posted accordingly on the corporate website as soon as practicable following their release.

By enforcing exceptional and effective management of investor relations in the past year, New World Department Store was able to strengthen its communications with current and potential investors, duly protected their legal rights and interests, as well as enhanced their understanding and recognition of the firm, subsequently cementing a positive image in the eyes of the domestic and overseas capital markets.

To ensure that shareholders are provide with timely access to a wealth of the company’s information, a separate Investors section has been especially set up in the New World Department Store corpo-rate website providing the latest announcements, circulars, press releases, financial reports and presentations. In addition, through the publication of its interim and annual reports, notices, annual general meetings as well as real-time distribution of updates to e-News sub-scribers, the investor relations team helps investors develop a better understanding on the company’s business development strategies and latest operations details.

New World Department Store also attaches prime importance to implementing corporate transparency through all levels of the organization. Working towards this end, the company established an Information Disclosure Committee and instilled a corresponding internal policy on fair disclosure regarding its corporate information.

In the many years to come, the investor relations team of New

World Department Store is poised to go all out in carrying on its communication with its investors in a proactive manner, so as to reinforce their confidence in the firm and consequently create an ideal financing environment for the company throughout the different capital markets.

Pacific Basin Shipping LtdPacific Basin Shipping has deftly navigated through the seas of inves-tor relations and regularly gets its corporate messages across to the investment community in a timely manner. As a key factor behind its success in the IR arena, the company is of the view that transparent reporting on its operations and business performance has been key to the credibility of its public reporting and investor relations activities.

Acting upon these core principles, the company is therefore committed to keeping the market informed of all relevant corporate information, allowing both existing and potential shareholders to evaluate its business, performance and prospects in a well-informed manner. In addition, it believes that such an underlying commit-ment to communicating with the public not only augments investors’ understanding of the company and its growth, but ultimately also enhances shareholder value in the long run for their optimum benefit.

At a broad level, Pacific Shipping Basin proactively engages with institutional and retail investors as well as media and other interest groups. For instance, it continues to organize an Analyst Day and conduct an Investor Perception Study, covering its IR programs and its annual reports. In addition, the revamp of its corporate website was conducted to coincide with its integrated reporting, while its Online Report has been made accessible via the website to enable stakeholders to download information in a convenient and greener medium to help protect the environment.

Moving forward, and based on its solid track record, Pacific Shipping Basin is well-positioned to provide accurate and relevant information about the company to all interested parties transparently, consistently and simultaneously.

In the process of doing so, the firm will uphold the transparency of its operations and performance through the reporting and investor relations activities. With a clear vision in place, it is committed to en-suring the market is regularly informed of relevant information about the company, allowing both existing and potential shareholders to conveniently evaluate the company, its performance and its prospects.

Pax Global Technology LtdAs a transparent organization, PAX Global fully acknowledges the importance of good corporate governance to the company’s healthy growth, and as such, has devoted considerable efforts to identifying and formulating corporate governance practices appropriate to the company’s needs.

Specifically, it has a pronounced emphasis on conducting its investor relations function as evidenced by its incessant efforts to


enhance its communications and relationships with its investors. With this in mind, PAX Global’s senior management has pushed forth a number of policies and initiatives that underscore its top priority to maintaining an open dialogue with institutional investors and ana-lysts to keep them abreast of the company’s developments.

In particular, PAX Global organizes general meetings which pro-vide a direct forum of communication between its shareholders and the Board of Directors. Throughout these meetings, shareholders are most welcome to address their enquiries to the Board or senior management. In showing their full support of the company’s focus on providing two-way dialogue with the investment community, the Chairman of the Board, executive Directors, as well as the chairmen of the Audit Committee, Nomination Committee and Remunera-tion Committee, other members of the respective committees, and the Independent Board Committee have been consistently present and made themselves readily available to answer any questions and address concerns in a transparent manner. In addition, sharehold-ers are provided with an extra option of contacting the Company Secretary to whom they can direct their written enquires.

Providing the investment community with another convenient channel, the company also maintains a dedicated website wherein updates on the company’s latest business developments and operations, financial information and news can be accessed at any given time.

Sa Sa International Holdings LtdSa Sa International’s persistence in upholding high standards of investor relations and corporate governance has created itself an attractive image in the eyes of the investment community.

Over the years, Sa Sa International’s communication strategy has been to ensure that information about the company is delivered on a timely and transparent basis. Guided by this sound strategy, the beauty cosmetics firm never wavers in striving to be responsive to the enquiries of the investment community by being easily ac-cessible and responding in a timely manner. As such, the company always endeavors to ensure that all information it publishes is factual while being presented in a clear and balanced manner, disclosing both positive and negative information objectively, so that the investment community can make well-informed investment decisions.

Through its multitude of communication platforms, Sa Sa In-ternational consistently engages with the investment community to help them get better acquainted with its business and strategies, to brief them on the latest company updates available to the public, and to share its insightful views on the outlook of the firm.

As core principle driving its investor relations function, Sa Sa International duly recognizes that communication has to be con-ducted in both directions. With this in mind, the company consci-entiously collects feedback from investors and analysts and brings them to the attention of executive management and the Board of Directors. By doing so, this reciprocal arrangement has aided the formulation of its investor relations plan and improve its investor relations practices on an on-going basis.

Shui On Land LtdShui On Land espouses that effective communication with share-holders remains a critical cog in its drive to enhance investor rela-tions and investors’ comprehensive understanding of the company’s business performance and strategies. Coinciding with this mantra, the property development firm also identifies the importance of transparency and timely disclosure of corporate information, which subsequently enables shareholders and investors to make the most informed investment decisions at all times.

Throughout its operations, Shui On Land leverages a wide range of effective channels and platforms such as through its detailed annual and interim results announcements, press conferences and analyst briefings, and various industry conferences to ensure the timely dissemination of vital corporate messages.

The general meetings of Shui On Land have smoothly facilitat-ed the insightful exchange of views between the Board of Directors and its shareholders. During the meetings, the Chairman of the Board as well as Chairmen of the Audit Committee, Remuneration Committee, Nomination Committee and Finance Committee and the independent board committee, are always available to answer questions from the shareholders. To further enhance communica-tions with a wider range of shareholders, the annual general meeting and extraordinary general meeting are conducted in Cantonese with simultaneous interpretation in English.

Shui On Land also rolls out unique activities such as holding an “Investor Day for Corporate Avenue Groundbreaking” in Shanghai to further enhance investors’ understanding of the development progress of the company’s projects, as well as the market sentiment in the respective cities. Adding to these channels, investors and ana-lysts are frequently invited to its marketing and promotional events to receive updated information, which to no surprise, has been well received by the investment community at large.

Sino Land Co LtdSino Land has consistently affirmed its unyielding mission to uphold-ing a high degree of corporate transparency by communicating regularly with its shareholders. Going hand-in-hand with this com-mitment, the firm ensures that the investment community at large is being provided with ready, equal and timely access to balanced and understandable information about the company such as financial performance, strategic goals and plans, material developments, governance and risk profile, which allows the shareholders to exercise their rights in an informed manner.

As such, various forms of corporate information are communi-cated to its shareholders and the investment community primarily via Sino Land’s interim and annual reports, annual general meetings and regular meetings with research analysts and fund managers.

Flexibility and convenience have become hallmarks of Sino Land’s communication structure. For instance, corporate com-


munications conducted by the company have been provided to the shareholders in both English and Chinese versions to facilitate the understanding of a wider base of shareholders. Shareholders are provided the option of either English or Chinese, or both, and also receive the corporate communications in hard copy or through elec-tronic means. Throughout this process, shareholders are encouraged to provide their email addresses to the company in order to facilitate timely, effective and environmental friendly communication.

Further highlighting its importance, a section on Investor Relations has been earmarked on the company’s website wherein corporate information is regularly updated. When Sino Land re-leases information to the stock exchange such as financial statements, announcements, circulars to shareholders and notices of general meetings, it is also posted immediately on the website as a prime example of its adherence to the Listing Rules.

SOCAM Development LtdSocam Development unfailingly bolsters its investor relations capabilities in each passing year, placing considerable importance on communication with its shareholders and fully recognizing the significance of transparency and timely disclosure of corporate information. Its dedication has enabled shareholders and its inves-tors to come up with the most informed and educated investment decisions.

On a day-to-day basis, corporate information is circulated to shareholders in a timely manner through a plethora of formal channels, which include interim and annual reports, announce-ments and circulars published in accordance with the Listing Rules. Following their publication, Socam Development has ensured that the documents, together with the latest corporate information and news, are also made available on the corporate website.

On a bigger and more important stage, Socam Development holds its annual general meeting to provide a valuable forum for the Board of Directors to communicate directly with its sharehold-ers every year. During the meeting, the Chairman of the Board chairs the annual general meeting to respond to any questions from shareholders in a direct way. In addition, the chairmen of the various Board Committees and the company’s external auditor are present to answer relevant questions at the meeting.

Meanwhile, Socam Development has also developed systems designed for the protection and proper disclosure of information that has not already been made public. In this respect, the com-pany has established a Disclosure Policy to define the company’s approach towards the determination and dissemination of inside information and the circumstances under which the confidentiality of information shall be maintained.

With this framework in place, the Directors have always ad-hered strictly to the statutory requirement for their responsibilities of keeping information confidential.

Sun Hung Kai Properties LtdAs a leading property development firm, it comes as no surprise that Sun Hung Kai Properties has built a solid foundation from which to conduct its extensive portfolio of investor relations activities with a highly receptive investment community. Since its inception, main-taining an optimum standard of corporate governance practices has always been an important and integral part of the company’s man-agement philosophy. In this light, through the prompt dissemination of information to its current and potential investors and proactive communication with its stakeholders, the company has demonstrated a propensity to elevate its efforts to further improve its transparency.

At Sun Hung Kai Properties, regular disclosure of information to the investment community includes annual and interim reports, as well as the timely distribution of press releases and formal announce-ments, all of which are simultaneously obtainable on its corporate website. Moreover, the firm convenes post-result press conferences and analyst briefings that are presided by senior management.

On top of assiduously organizing frequent meetings and confer-ence calls with analysts, credit agencies as well as equity and fixed in-come investors locally, Sun Hung Kai Properties has also extended its outreach to investors across the globe. In recent years, the company has increasingly participated in major overseas investment conferenc-es and organizing non-deal road shows to give them a better under-standing of the company’s strategies, sustainability initiatives, business development plans and the prevailing property market status of Hong Kong and China. In addition, the firm holds highly informative site visits to its Hong Kong and China projects to keep investors and the press abreast of the latest developments.

Standard Chartered BankExemplary corporate governance lies at the heart of Standard Chartered Bank’s investor relations activities, which has enabled it to deliver sustainable shareholder value as a leading international bank. The bank believes that merely complying with written corporate gov-ernance standards is insufficient, and that an underlying culture with behaviours and values that support effective corporate governance must be instilled, particularly in communicating with the investment community.

As the Board of Directors recognises the importance of good communications with all its shareholders, they engage in regular contact with institutional shareholders and general presentations especially following the announcement of financial results. Mean-while, its annual general meeting offers a welcome opportunity for the bank to communicate with all shareholders in an open and responsive manner.

In fostering two-way dialogue with the investment community, the Board of Directors receives regular updates on the views of its institutional shareholders and stakeholders. In the past year, its Board of Directors and senior management regularly met with its top inves-tors. During these meetings, shareholders were able to discuss any


issues or concerns and come up with a resolution as an effective communication channel.

To promote accuracy and accountability, Standard Chartered Bank also continuously reviews and monitors the appropriateness and completeness of the financial statements and circulars it pub-lishes to shareholders of the company, as well as formal announce-ments relating to its financial performance, including significant financial reporting judgments and estimates made by the bank. As a result, the processes and procedures in place have ensured that its annual report and financial statements, are fair, balanced and understandable, and provides the essential information for share-holders to assess the bank’s overall performance, business model and strategy.

With an eye on both facilitating convenient access and protect-ing the environment, Standard Chartered Bank encourages its shareholders to receive its corporate documents electronically, and as such, its annual and interim financial statements, Notice of AGM and dividend circulars are all readily available on the corporate website.

The Link REITThe Link REIT has continually enhanced its communication with the investment community over the years to ensure that analysts, retail and institutional investors are properly informed, as well as commendably gauging their views on its business objectives, activi-ties and future direction.

Adopting the view that transparency is a key attribute of good corporate governance, The Link REIT proactively engages with its stakeholders through effective channels to articulate its business objectives and latest progress, and conversely, collect their valu-able feedback and suggestions. In performing its investor relations responsibilities, the company has enforced a culture of utmost transparency that has kept its stakeholders well informed of its po-sition through the provision of insightful information and all latest developments in a timely manner. For example, the firm publishes its annual report within three months following the end of the financial year and its interim report within two months following the half-year period end, as well as announcing results highlights in major newspapers as an added initiative to broaden the reach of its dissemination.

Furthermore, The Link REIT’s Executive Directors and senior executives responsible for the investor relations function attend conferences and seminars organised by the investment community, and schedule meetings with institutional investors. The Board of Directors also receives regular investors activity reports, which provide feedback from meetings with institutional investors, institu-tional and retail stockbrokers, analysts’ forecasts, information from research reports, and insightful data on its prevailing unit price performance.

Indonesia

PT AKR CorporIndoIn adeptly managing its investor relations function, AKR Cor-porIndo actively communicated with its wide range of investors and shareholders through various activities such as participating in road shows and investor meetings over the past year. Its hardwork-ing Investor Relations Department has gone to great lengths to pro-vide better access to information regarding the performance of the company to the investment community and all of its stakeholders.

For instance, AKR CorporIndo takes great care in ensuring that the latest news related to the company is disseminated in a clear and consistent way in the form of news releases to investors, analysts, the press and media who have subscribed and are avail-able in the database of the company. These news releases contain a detailed analysis of the financial results and disclosures of major company updates, while additionally providing a contact number and an email address which the investment community can contact for further detailed discussion regarding the company’s operations.

AKR CorporIndo’s Investor Relations Department also actively arranges meetings with investors in conjunction with senior management such as one-on-one meetings held directly by the company, visiting investors based on requests from the leading securities firms, participating in investor conferences, or road shows that are held locally and internationally.

Furthermore, AKR CorporIndo’s corporate website contains a variety of information at the tip of the investment community’s fingertips, including the company profile, vision and mission, busi-ness model, financial information, latest news, corporate social responsibility, and transparency of information, among others. On top of serving as a convenient channel of disseminating informa-tion to the public, the website also fulfils the company’s efforts in implementing good corporate governance practices and displaying transparency to all stakeholders. Available in both Indonesian and English, the corporate website is constantly updated in order for it to feature the latest information to its stakeholders. It also features contact numbers as well as email and postal address to facilitate further communication with its stakeholders.

PT PertaminaAs a company that emphasizes transparency, Pertamina has always placed utmost priority in providing adequate access for the invest-ment community to its data and company information, which consistently adheres to all applicable and relevant regulations.

Pertamina has established its well-designed corporate website as the main access point for data and information with regards to the company’s business operations. Through the corporate website, investors can conveniently access a variety of information at the click of a button, such as the company profile and businesses, press releases, the latest news updates, as well as its internal company print media in a digital format. In addition, the corporate website


provides a dedicated investor relations channel and a window to its corporate social responsibility initiatives.

Meanwhile, communications established through the Contact Pertamina channel has created a two-way information service, and remains the most effective channel for the investment commu-nity to search for information, as well as submit their suggestions and complaints. Conversely, the public can also get in touch and receive a written reply upon sending the company a direct message through email.

Pertamina has also designated a secondary access point that can be used by the public and stakeholders to obtain the latest information about the dynamics surrounding the firm which are the various internal media directly uploaded in

the form of digital publications on the corporate website. The Pertamina internal media include Energia Weekly, a bulletin that contains news of the company’s events in the past week, as well as Energia Monthly, a monthly magazine featuring general news on energy in a more feature-style format.

Malaysia

AmBank GroupAligned with its vision of building an enduring relationship with the investment community, AmBank Group takes timely and fair com-munication with its shareholders and the various market participants seriously amidst such a dynamic operating environment.

As a prime example of this commitment, the bank has estab-lished a solid Strategic Planning & Investor Relations team that has provided steady support to the Group Managing Director and Chief Financial Officer. Through the parties’ collective efforts, the firm constantly engages the investment community through active and mutual communication. This has helped ensure that its existing and potential shareholders are able to obtain vital information regarding its performance, along with the latest business and industry develop-ments on a timely basis.

Throughout an eventful and fruitful past year for AmBank Group, a host of analysts and media briefing sessions were conduct-ed following the release of the Group’s quarterly results or whenever necessary during corporate exercises, via live briefings, conference calls and video webcasts. In addition, replays of the live briefings have been conveniently provided on the Group’s corporate website for viewing of the public and investment community at large.

AmBank Group strongly believes in ensuring transparency and equality in dissemination of information to both internal and external

stakeholders which may affect their investment decisions. To advance its transparency drive, all of its quarterly financial state-ments and press releases are published on Bursa Malaysia Securi-ties Berhad, while the financial statements together with investors’ presentations and press statements are simultaneously available on the Group’s corporate website.

Mah Sing Group BerhadAtop Mah Sing Group’s agenda is creating long-term value for its shareholders, and the company does so in large part by valuing the importance of establishing clear communication with its sharehold-ers, as well as to potential investors and the public.

In this respect, Mah Sing Group’s Corporate Communications and Investor Relations departments have maximized the firm’s investor relations program by engaging with research analysts, fund managers, shareholders, financiers and the media to disseminate its strategies, performance, products and major developments every step of the way. Its general meeting serves as the principal forum for fostering two-way dialogue with shareholders, as the event provides them with an opportunity to seek clarification on the company’s business strategy, performance and major develop-ments. The company also actively communicated with its inves-tors through briefing sessions, site visits, non-deal investment road shows, one-on-one meetings, as well as conducting press confer-ences with the media.

Other sound channels of communication deployed by Mah Sing Group include undertaking timely and informative disclo-sures on its interim and full year financial results announcements, detailed annual report, and other relevant transactions conducted by the firm.

Its Board of Directors also embraces the view that the timely release of financial information and updates on the company’s oth-er developments are instrumental in enabling shareholders and the general public to receive information containing the performance and prospects of the firm on a regular basis. As such, shareholders, investors and members of the public are able to access these an-nouncements on the Bursa Securities website as well as Mah Sing Group’s corporate website with the click of a button.

Public BankAt the forefront of its priorities, Public Bank continues to place great emphasis on strengthening its relationship with shareholders as one of the key components to upholding the principles and best corporate governance practices of the company.

Public Bank’s annual report serves as the main channel of com-munication with its stakeholders, which conveys comprehensive information of the financial results and activities undertaken by the bank. It disseminates its annual report, together with an execu-tive summary, to its shareholders either in hard copy or on digital media, with the executive summary highlighting the bank’s key financial and corporate information, in order to facilitate share-holders’ access to such key information.

In further strengthening its solid engagement with the invest-ment community, Public Bank continues to conduct numerous briefings coinciding with the release of its half year and annual results announcements. Such briefings have provided an excellent opportunity for the fund managers and research analysts to engage


in regular dialogue with the bank’s senior managements. The brief-ings have also served as a tool to provide timely dissemination of its financial results and to facilitate the research analysts to produce their analyses and reports so that these may be made available to investors and the media in a timely manner.

Perfectly complementing its investor relations activities, Public Bank always endeavours to enhance the level of transparency in the disclosure of information. Apart from its engagement with stakeholders through annual reports and general meetings, the bank also announces its quarterly results and other announcements to Bursa Malaysia to provide stakeholders with essential corporate information.

To further promote a wider dissemination of information to the investment community, Public Bank also issues detailed press releases to the media on all significant corporate developments and business initiatives to keep its investors and shareholders up to speed on the progress and strategic development of the bank.

Philippines

Aboitiz Equity VenturesAboitiz Equity Ventures continues to be a leader in practic-ing investor relations across the region, as part of its pursuit of significant opportunities towards creating long-term value for its shareholders. Its resolute Board of Directors and senior manage-ment are of the view that good governance, especially in the areas of transparency and accountability in its corporate communica-tion, ultimately begets trust from all its stakeholders. To this end, the company’s business model features one that is anchored on the sustainable growth of its diverse businesses that is complemented by the full engagement of its stakeholders.

Aboitiz Equity Ventures’ commitment to attending to their investor relations is manifested in its well-defined and published shareholders’ policies, the regular holding of the annual sharehold-ers’ meetings and shareholders’ briefings to keep them up to speed on the firm’s latest developments. The company also guides their Stock and Transfer Agent with regard to shareholder queries, and remains fully dedicated to providing timely and accurate regular corporate disclosures.

Pursuant to its steadfast commitment to transparency and ac-countability, Aboitiz Equity Ventures takes pride in maintaining a dedicated investor relations section on its corporate website which serves as a resource center and library of archives such as previous annual reports for its stakeholders. Not only does the firm focus on transparency, but in promoting green practices as well. As part of the Aboitiz Equity Ventures’ commitment to sustainability, it has made it a point to maximize the use of digital technology rather than the use of scarce paper sources in getting its corporate mes-sages across to the investment community.

Aboitiz Power CorporationA serious commitment is what defines Aboitiz Power’s approach to in-vestor relations. Reflecting this viewpoint is the company’s investment of significant time and effort to ensure that it consistently complies with all regulators and regulations, not only to meet stringent require-ments but is also driven by its belief that good governance particularly in communicating with the investment community equates to good business.

In addition, Aboitiz Power’s senior management has identified that good governance, especially in the areas of transparency and accountability, ultimately builds trust among its diverse range of stake-holders such as employees, shareholders, investors, bankers, govern-ment, customers or the society at large. As a result, the company has developed and boosted its line of communications that is both open and consistent through its annual general meetings and press confer-ences, as well as the dissemination of communication material such as annual reports and press releases, among others.

In putting these principles to practice over the past year, Aboitiz Power has conscientiously worked to preserve, modify or set up new protocols, systems and policies intended to protect the rights of share-holders and the investment community, to ensure their equitable treat-ment, to recognize the value and participatory role of its stakeholders, and to practice the appropriate level of transparency and improve corporate disclosures so that investors are able to make well-informed decisions regarding the firm when it comes to investing.

Ayala CorporationThrough its exceptional investor communications program, Ayala Corporation has been able to foster greater understanding of its long-term proposition to the investment community that has in turn led to the creation of value. As a prime example of its commitment to best investor relations practices, the company has designated a formidable Investor Relations Unit under Corporate Strategy and Development.

With its IR team leading the way, the essential information requirements of the investing public and minority shareholders are fully disclosed to the local bourse on time, as well as through quar-terly briefings, annual stockholders’ meetings, one-on-one meetings, conference calls, road shows and investor conferences, website and e-mails or telephone calls. To get its corporate message further across shores, the Investor Relations Unit also regularly attends investor conferences and holds non-deal road shows to update its foreign institutional investors and overseas shareholders. In addi-tion, the company has prioritized the conduct of regular briefings and meetings with investment and financial analysts, wherein they are given full access to senior management.

Aside from complying with periodic reporting requirements, Ayala Corporation discloses major and market-sensitive information including dividend declarations, joint ventures and acquisitions, the


sale and disposition of significant assets, and other information that may have ramifications on the decisions of the investing public.

In terms of its corporate website, Ayala Corporation has used it as a powerful instrument to provide regularly updates to ensure the disclosures to the regulators and presentations at analysts’ briefings are immediately made available on the web to provide easy and full access for the investment community at large.

Ayala Land IncEchoing its philosophy underlying its commitment to the investor relations function, Ayala Land believes in building strong relations with its stockholders through transparent, timely and open com-munication of strategic, operating and financial information. By providing easy access to such information, the firm seeks to enable its stockholders to arrive at a better understanding of the company’s long-term prospects and a fair valuation of its shares.

Over the years, Ayala Land has presented the public with strategic, operating and financial information through timely disclosure filings submitted to regulatory authorities such as the SEC, PSE and Philippine Dealing and Exchange Corporation. On top of publishing its regular periodic reports, the firm discloses any and all material information pertaining to the company that may have an impact on the company’s valuation, and such disclosures are immediately posted on its dedicated Investor Relations section of its corporate website that can be accessed by the investment community with ease. The company also has a continuing program of enhancing its Investor Relations website in place, which includes podcasts of its quarterly briefings.

Ayala Land promptly addresses the various information require-ments of the investing public through its highly capable Inves-tor Communications and Compliance Division. In addition, the property development firm conducts informative quarterly analyst briefings for a number of equity and credit analysts, as well as com-municate directly with institutional and individual investors via one-on-one meetings, conference calls and written communications such as e-mail. Ever attentive to their needs, analysts and investors that are unable to attend the company’s quarterly briefings in person are invited by Ayala Land to participate through a teleconference facil-ity to ensure they are never left behind in keeping close tabs with the pulse of the company.

BDO Unibank IncBDO Unibank once again demonstrated its expertise in satisfying the appetite of the investment community’s needs in the past year. The bank has stayed true to its commitment to provide its investors and other stakeholders with full transparency and timely informa-tion disclosures through its regular filings with the Securities and Exchange Commission and the Philippine Stock Exchange.

On top of fulfilling legal requirements, BDO Unibank has in place an effective infrastructure of dissemination channels to reach the wide range of interested parties. Such core values and frame-work have formed the foundations for the reciprocal communication

between senior management and its shareholders, which has fostered harmonious relations and created a win-win situation for BDO Unibank and the investment community.

As one of its chief investor relations channels, BDO Unibank’s annual general meeting has taken hold as a prime opportunity for its Board of Directors to communicate with its shareholders. During the meeting, the Chairperson, members of the Board, and external auditor are in attendance to respond to questions from shareholders, which in turn is deeply appreciated by the investors.

To help ensure that its comprehensive corporate information reaches out to a wider network of investors and the public, its nu-merous disclosures and other essential information are immediately made available on the bank’s corporate website. Featuring a clean interface, the website has a distinct investor relations page with clear subsections such as financial statements and reports, market and capital highlights, and investment and credit ratings information. In essence, the website has become one of the bank’s most definitive sources of corporate information that echoes its adherence to best corporate governance practices.

Bloomberry Resorts CorporationIn placing the interests of the investment community at the fore-front, Bloomberry Resorts has shown that it wholeheartedly upholds the importance of maintaining sound and open communications with its shareholders. Acting collectively as a well-oiled organiza-tion, the Board of Directors, senior management and employees consistently strive to enhance the company’s value and optimize the returns to its shareholders over time by instilling good corporate governance principles, especially in its investor relations function.

Over the years, Bloomberry Resorts has excelled in proactively communicating the company’s financial performance and other essential corporate information in a consistent and transparent manner to analysts and investors utilizing avenues such as conduct-ing regular meetings and conferences. The meetings have been instrumental in facilitating the exchange of opinions and valuable insights between investors and the company, thereby enhancing in-vestors’ understanding of the firm’s business strategies. During these meetings, all enquiries from investors and analysts were handled in a responsive and comprehensive manner.

On the digital space, Bloomberry Resorts endeavours to dis-close all material corporate information to all interested parties as widely and as timely as possible. To this end, the company’s vibrant website contains important information about its activities and corporate matters including minutes of the meeting, filings made to the Philippines Stock Exchange and the Securities and Exchange Commission, and corporate governance practices which are readily available for review by shareholders and other stakeholders.

ChinabankConsistent with all the other facets of its business, Chinabank is similarly committed to promoting high standards of disclosure and transparency in its investor relations activities and practices to fa-


cilitate a better understanding of the bank’s true financial condition and the quality of its corporate governance among the investment community.

Chinabank has prioritized adequately and punctually disclos-ing all material information regarding the company, with strict adherence to the SEC and PSE’s disclosure policy. In addition to complying with relevant reportorial requirements such as regularly publishing its quarterly financial statements in leading newspapers and producing a comprehensive annual report for the Annual Stockholders’ Meeting, Chinabank promptly discloses major and market-sensitive information. These include dividend declarations, joint ventures and acquisitions, sale and disposition of significant assets, as well as financial and non-financial information that may affect the investment decision of the investing community, which is done in the form of disseminating press releases in newspapers and reports in its internal publication.

On the digital front, Chinabank takes advantage of electroni-cally filing its disclosures through the Online Disclosure System, Electronic Disclosure Generation Technology of the Philippine Stock Exchange which are then made readily available on the PSE website. Likewise, Chinabank’s corporate website is updated on a regular basis to reflect the latest news and current information about the bank at all times.

ICTSI ICTSI’s vision of establishing a leading global port management company with the end view of building long-term shareholder value has been a key factor behind its focus on crafting a sound investor relations framework. As a result, the firm has ridden from crest to crest in being able to clearly disseminate vital corporate information to meet the changing needs of the investment community through a number of communication channels.

Representing one of ICTSI’s primary communication channels is its comprehensive annual report that contains a thorough review of its operations across the continents in which it operates. The report also provides investors a window into the company’s performance over the past year in terms of its corporate citizenship activities, as well as complete sections on its independent auditor’s report and consolidated financial statements. The furnishing of such data has enabled its inves-tors to gain a better understanding of the firm and subsequently make their investment decisions based on this data.

At the back of its annual report, ICTSI also provides compre-hensive details on points of contact for investors to enquire about ad-ditional information and company literature, and welcomes inquiries from institutional investors, fund managers and fund analysts. Share-holders are also provided with contact details that enable them to seek assistance regarding their account status, stock certificates, stockholder information changes and dividend payments.

Meanwhile, its sharp corporate website features a dedicated Inves-tor Relations page that is easily navigated by viewers who can learn more about ICTSI’s share information, corporate governance policies and principles, various disclosures, as well as retrieve documents with ease such as its IR presentations and archive of annual report.

Manila Water CompanyThe Investor Relations Department of Manila Water has continuously produced an outstanding track record in regularly informing the com-pany’s investors and stakeholders regarding the latest developments in its business. In the past year, the IR unit conducted quarterly investors and analysts’ briefings, as well as regular meetings with shareholders, fund managers and institutional investors to keep them up to speed about relevant material information and full details on transactions of the firm. In return, investors could easily get in touch with the IR department through multiple means including telephone, e-mail or through the corporate website for any concerns they may have.

At all times, its Board of Directors has been determined to adequately and promptly disclose all material information that could potentially affect Manila Water’s share price. It also furnishes other information that are required to be disclosed in compliance with the SRC and its Implementing Rules and Regulations. Such information includes results of earnings, acquisition or disposal of significant as-sets, and off balance sheet transactions, among others.

Consistent with Manila Water’s active pursuit of incessantly raising the bar higher in the conduct of its business and operations particularly in corporate governance throughout the organization, the company constantly updates its website with a section dedicated to corporate gov-ernance. In the corporate governance section, investors can access and download all disclosures made by the company to the Philippines Stock Exchange and Securities and Exchange Commission.

Manila Water’s corporate website also contains a separate Investor Relations section that features all information that may be needed by the investing community. Over the years, the company has continued to enhance its interface to become even more user-friendly and accessible to the public at all times.

Megaworld CorporationOver the past year, Megaworld Corporation provided further evi-dence to its place among the foremost companies in implementing sound investor relations activities. The property development firm pulled out all the stops when it came to adhering to only the highest standards in information disclosure and transparency, enabling the company to clearly communicate its operational and financial condi-tion to its shareholders.

Megaworld Corporation burnished its communication creden-tials further by consistently organizing one-on-one meetings, detailed briefings, road shows, conferences, and convenient on-site visits for the benefit of analysts. During such sessions, the firm has also taken steps to solicit and understand the views of its stakeholders to pro-mote effective two-way dialogue between the parties.

Investors hungry for more corporate information can also visit


Megaworld Corporation’s dedicated website section on Investor Relations which contains its full portfolio of company disclosures, investor relations program and essential share information.

At Megaworld Corporation, both internal and external commu-nications policies are reviewed on an annual basis to ascertain their effectiveness and that they align with best practices. Furthermore, all of its major announcements are thoroughly reviewed and approved by a dedicated committee comprising Finance, Corporate Manage-ment, Corporate Communications and Investor Relations.

In pushing its IR drive onwards, Megaworld Corporation remains resolute in ensuring that its investor relations function will continue to mirror global best practices designed to strengthen its mutually-beneficial relationships with the investment community.

MeralcoPowering Meralco’s constant engagement with all its sharehold-ers is the energy firm’s sound Investor Relations Program, which is founded on the core principles of excellence and integrity. In fostering excellence, it has ensured that the information it dissemi-nates is always relevant and communicated in a professional, clear and orderly manner. On the other hand, its dedication to uphold-ing integrity has safeguarded that the actions undertaken by the firm with regard to investor relations are carried out in compliance with all applicable rules and regulations of governing bodies, and that the information communicated is accurate, relevant and timely at all times.

Guided by this program, the company has communicated relevant and timely information pertaining to the firm to both its current and potential investors, analysts, fund managers, potential business partners and the general public at large.

For instance, through its ever-engaging quarterly analysts’ and media briefings attended by shareholders, analysts, investors, and members of the media, Meralco’s key communications person-nel such as the, Head of Customer Retail Services and Corporate Communications, and Investor Relations Officers leverage on these platforms to elaborate on the company’s performance results, busi-ness progress, industry trends, and the impact of external factors and regulations. The presentations used during these meetings are then immediately uploaded onto its corporate website to ensure that the firm’s quarterly performance is extensively disseminated to all investors, including those who were not able to attend and participate.

Moving forward, Meralco remains steadfast in continuing to provide transparent, thorough and well-timed disclosures of financial and non-financial information. Such communication covers material information or current news clarifications such as quarterly reports, public ownership report, business acquisition or financing plans and annual reports which are also posted on its corporate website. With the firm’s strong track record, it is safe to say that regulators and the investment community will continue to receive reliable and adequate information on a regular basis to make their decisions.

Metro Pacific Investments CorporationIn conveying its story to the investment community, Metro Pacific Investments makes it a point to be as clear as possible in elaborating on its corporate strategies, growth catalysts and various potential risks. Over the years, the company has worked towards providing investors and analysts with the necessary information to paint as complete a picture of its business and future prospects as possible through an ar-ray of communication channels such as its corporate website, annual report, quarterly presentation of results and investor presentations.

To this end, Metro Pacific Investments has kept a running two-way dialogue with all its shareholders, allowing them to stay abreast of the company’s latest developments and any changes to corporate strategy. The company understands that getting its corporate mes-sage across takes time and often involves multiple meetings to tell the whole story and get it understood by its investors. In this light, the firm advocates an active travel schedule that allows for it to expand its reach by spending time on the road talking to investors.

The company also held numerous meetings in the past year wherein it was also able to aggregate concerns from its investors and subsequently bring these issues up to the Board of Directors and senior management for their review. The company regards the feed-back as valuable and as such, any concerns raised by its shareholders are taken into utmost consideration when implementing its corporate strategies. Throughout this process, senior management set high targets and provide constant updates to the company in order to ac-curately measure its progress and immediately address any concerns that may arise.

Metro Pacific Investments also maintains a vibrant and informa-tive website as another of its core communication tools. A dedicated Investor Relations section clearly delineates complete information on the company’s financial performance, stock details, ownership summary, quarterly reports and presentation, as well as an archive of its annual reports for a more convenient website experience for the investment community.

PLDTPLDT is fully aware that responsible business conduct and a corpo-rate culture anchored on the values of accountability, integrity, fair-ness and transparency ultimately brings about substantial benefits for the company as well as its stakeholders. The telecommunications firm believes this holds true particularly in the investor relations field.

Leading the way is PLDT’s Board of Directors have also empha-sized the timely disclosure and appropriate filings of material infor-mation and transactions that could potentially affect the market price of the company’s shares and other information that are required to be disclosed in compliance with applicable laws and regulations.

Guided by its Corporate Responsibility Statement, PLDT en-gages with its shareholders with a view to promote and uphold share-holders’ rights such as the right to receive relevant information on a timely basis. Acting on this fundamental principle, the firm conscien-tiously acts with transparency and fairness at its annual and special


stockholders’ meetings, and makes timely disclosures of essential corporate information. In this regard, information on earnings re-sults, acquisition or disposal of significant assets, off-balance sheet transactions, among others, are promptly and accurately disclosed.

Cementing its two-way dialogue with the investment commu-nity, shareholders are also welcomed with the opportunity to raise matters or concerns relating to the business operations of the com-pany. PLDT provides them with access to the Corporate Secretary, Investor Relations Officer, concerned units of senior management or the Board of Directors, to whom they can elevate and discuss their enquiries with in an open manner.

PuregoldIn elevating its investor relations efforts to another level, Puregold recognizes the value and importance of attaining high standards of corporate governance to enhance the accountability and transpar-ency of its business performance. Furthermore, the company is of the view that effective communication with shareholders and the investing community is critical in conducting its business as a responsible organization.

With this in mind, Puregold embarked on a number of investor relations activities throughout the year including holding regular meetings with investors and press conferences with the media. On top of this, the firm organizes joint analysts’ briefing and global investor calls as a prime initiative to connect with its investors in the Philippines and in overseas countries to keep them up to speed on the company’s latest business performance.

Among Puregold’s most important channels, its annual gen-eral meeting has provided a pivotal forum for its shareholders to exchange views with its Board of Directors. In turn, the Board of Directors and senior management make their presence felt during these meetings by promptly and comprehensively responding to questions raised by its shareholders.

Meanwhile, shareholders can also direct their enquiries and pro-posals to the company directly with contact details clearly provided in a dedicated section of Puregold’s corporate website. Moreover, published documents such as its prospectus and presentation materi-als together with the latest corporate information and news are read-ily accessible through this far-reaching communication tool.

Philex Mining CorporationThroughout its endeavors, Philex Mining has consistently delivered on adhering to the highest standards of disclosure, transparency and fairness in the dissemination of information. At all times, the company provides the public with strategic, operating and financial information through adequate and timely disclosures to the regulatory authorities, such as SEC and the PSE. Together with furnishing regular periodic reports, Philex Mining discloses all material information pertaining to the company that may have an impact on its valuation, stock price and the trading volume of its securities.

In line with this, the company also dutifully accomplishes and submits quarterly and annual reports on or even before the deadline prescribed by the regulatory agencies. With a focus on making life easier for its investors, the company subsequently posts all financial and non- financial disclosures on the investor relations section of the corporate website.

Philex Mining’s communication with the investment commu-nity is capably led by an elite Investor Relations division, which addresses the various information requirements of the investing public. Working in tandem with the IR unit, the CEO and CFO make themselves available throughout the year during meetings with institutional investors through pre-arranged company and site visits, and teleconferences. The firm also attends local and inter-national investor conferences, corporate days and non- deal road shows to expand its investor base and coverage. Likewise, the inves-tor relations team directly communicates with its investors through one- on-one meetings, calls and written communications.

In the past year, Philex Mining has been busy strengthening its investor relations division, which has been refocused to address the concerns put forward by the investment community. In addition to providing financial statements on a quarterly basis, the firm also provides operating statistics and other vital information to both eq-uity and credit analysts as integral tools to help with their analysis and valuation of the company.

RCBCPropelling RCBC’s enhanced communication with its investors is its comprehensive Investor Relations Program, which outlines its sound approach to disclosing material information.

In line with the policy, RCBC’s Board of Directors has com-mitted at all times to fully disclosing material information dealings and ensuring the timely filing of all required information as it looks out for the best interests of the investing community. Reports or disclosures are submitted to its regulators as well as posted in the Bank’s website.

RCBC’s Chief Information Officer has also been more than up to the task, displaying efficiency in providing information and addressing concerns of its shareholders and other stakeholders through the corporate website featuring complete information on the bank in a user-friendly format. In particular, Investor Relations and Corporate Governance pages are found in the corporate web-site as a further testament to the Board of Director’s commitment to transparency, accountability and fairness.

Going in depth, financial information and other material information pertaining to the bank, particularly those that could adversely affect its share price, are publicly disclosed and easily accessed by the investment community. Such information include, earnings results, acquisition or disposal of significant assets, related party transactions, board membership changes, shareholdings of directors and officers, and material events or information which are required to be disclosed pursuant to the SRC and its Implementing Rules and Regulations.

Other information that is always disclosed by RCBC includes


remuneration of all directors and senior management, corporate strategy and off balance sheet transactions to further paint a clearer picture of the bank’s operations in a transparent manner.

San Miguel CorporationSan Miguel Corporation has always sought to build enduring rela-tionships with its stakeholders, striving to work hand-in-hand with them as partners to help the company attain its growth objectives.

As a responsible organization, the company has exercised trans-parency in engaging with its shareholders and investors, ensuring that its disclosure of useful information adheres to relevant laws and regulations in order to establish long-term and mutually beneficial relationships. Aside from its compliance with reportorial require-ments, the company discloses market-sensitive information in a timely manner such as dividend declarations, joint ventures and acquisitions, as well as the sale and divestment of significant assets that materially affect its share price performance. Through its Investor Relations group under Corporate Finance, the company also regularly holds briefings and meetings with investment and financial analysts.

Ever attentive to the needs of the investment community, San Miguel Corporation swiftly responds to information requests from its investors and keeps its shareholders up to speed through its timely disclosures to the Philippine Stock Exchange and the Securities and Exchange Commission such as its quarterly financial results in ac-cordance with the prescribed rules. The firm also leverages on other communication tools such as regular quarterly briefings, annual general stockholders’ meetings, investor briefings and conferences, and responses to e-mail and telephone queries.

To top it all off, all disclosures of San Miguel Corporation are likewise made immediately available and copies downloadable by the Investor Relations team on the company’s website upon disclosure to the Philippine Stock Exchange. In particular, updated information on the company’s corporate structure, products and services, results of business operations, financial statements, career opportunities and other relevant information on the company are featured on the website.

Security Bank CorporationA key driver behind Security Bank’s success in the investor rela-tions space has been its consistent and timely public disclosure of all material information which could potentially affect its viability or the interests of its stockholders. Underlying these efforts is its Investor Relations Program that embodies its Corporate Governance Policy of upholding the rights of its shareholders.

In stride with this policy, Security Bank encourages continuous discussions with its shareholders and institutional investors with an aim to further strengthen and support the achievement of the bank’s corporate goals and objectives. In this light, the bank’s senior man-agement and investor relations team have been actively participating in numerous meetings and conferences with the investing community.

Conversely, investors are provided access to the senior management to bring up any queries regarding the company’s performance. Through constant engagement and identify areas of opportunity and improvement, the bank and its investors have worked closely to increase shareholders’ value, ensure good corporate governance, protect shareholders’ rights and minority interests, and comply with all relevant laws and regulations.

In telling the story of Security Bank to its spectrum of investors, stock brokerage firms, analysts and the investing community, the bank proactively takes part in various investor conferences, one-on-one meetings, conference calls and non-deal road shows. It has also tapped into a multitude of communication channels such as its corporate website, its public disclosures of corporate information through the Philippine Stock Exchange and the Securities and Ex-change Commission, e-mails, mass media and financial publications.

On top of this, all material information are disclosed through appropriate Exchange mechanisms and furnished immediately on Security Bank’s corporate website, making its investors feels secure that it is well-informed about the bank’s latest developments.

SM Investments CorporationSM Investments has endeared itself to the investing community, thanks to its comprehensive approach to investor relations that is con-sistent with its core values of transparency and accountability.

Driven by its emphasis on transparency across all facets of its operations, SM Investments has continuously ensured that its stake-holders have been satisfied recipients of accurate, clear and timely information encompassing its different business operations through its material information disclosures and accessible website. Enhancing the convenience of its investors, the firm has created a separate investor relations section that features subsections on its financial documents, annual reports, corporate presentations, stock information, company press releases, as well as videos of senior management interviews, financial results and meetings. The company also stresses providing its shareholders with periodic results containing vital information for them to make informed decisions when it comes to investments.

In the past year, SM Investments continued its active engagement with the investing community by holding teleconferences and prepar-ing site visits for its investors, as well as conducting annual road shows across the world. In addition, the company organized regular briefings and meetings with investors, analysts and the media throughout its calendar. Through these informative events, the firm has been able to keep them updated on its portfolio of projects, along with its financial and operational results.

As a major communications platform, SM Investment’s annual stockholder’s meeting has provided shareholders an excellent opportu-nity to raise its concerns and provide suggestions, which the company takes into full consideration. To ensure that all shareholders’ concerns are adequately addressed, the Chairman, Board Directors, President, Board Committee Chairmen and Members, senior management, Corporate Secretary and External Auditors are always present to respond to questions during the meeting.


SM Prime HoldingsThroughout its successful history, SM Prime Holdings has been com-mitted to maintaining an on-going dialogue with the investment com-munity and providing timely disclosure of information concerning the company’s material developments to its shareholders and investors.

Its annual general meeting has served as the foremost means of dialogue with the investing community. SM Prime Holdings’ Chair-man of the Board, Board Directors, senior management, Corporate Secretary and independent auditors consistently attend the meeting to sufficiently respond to any queries the shareholders may have on the company’s performance. Each year, the annual general meeting has proven to be an effective platform for investors to voice their concerns and put forward any suggestions for the betterment of the company.

Among the other several effective communication channels that SM Prime Holdings utilizes, the company conscientiously conducts frequent meetings and briefings to regularly inform investors, analysts and the press on its various property undertakings, as well as opera-tional and financial results. Presentation material used at the briefings, in addition to the company’s SEC, PSE, and annual reports are promptly uploaded to the corporate website for the easy viewing and downloading of investors.

Its vibrant corporate website is regularly updated and practices full and prompt disclosure of all material information. In addition, investors can navigate to a dedicated Investor Relations page where they can retrieve the company’s essential information particularly its corporate disclosures, company reports and news clippings. The website also features its annual corporate governance report which highlights the firm’s corporate governance practices.

Unionbank of the PhilippinesUnionbank has not wavered in its commitment to upholding opti-mum standards of its core principles of disclosure and transparency, which has subsequently enabled the investing community to obtain a stronger grasp on the true financial conditions of the company. Capably guiding the way is its Investor Relations Office, which has endeavored tirelessly to strengthen the bank’s relations with external parties through the development and implementation of its investor relations program.

Under the program, the Investor Relations Office participates in the regular conduct of analysts’ briefings and holds face-to-face meet-ings with its investors, financial analysts, investment banks, ratings agencies, and the investing public on a per-need or per-request basis. The team also holds insightful discussions with business reporters to provide a deeper appreciation and understanding of the bank’s unique culture and competitive advantages, while conference calls are conducted for investors and analysts based overseas.

Unionbank also constantly submits several periodic and non-periodic reports in full compliance with all applicable laws and regulations. Complementing these efforts, it submits current reports

to the Securities and Exchange Commission and the Philippine Stock Exchange to make full, fair, accurate and timely disclosures to the public on material information that may affect investors’ decisions with regard to the banks’ operations.

In further maintaining frequent and clear communication with its shareholders and investors, Unionbank has put several key mecha-nisms in place. For instance, the bank has established easily accessible channels, foremost of which are its user-friendly corporate website and periodic ‘UnionBanker’ newsletters that enable its shareholders and investors to stay up to speed on important announcements and disclosures. These initiatives are on top of its regular submissions to relevant regulatory bodies, indicative of the bank’s dedication to providing comprehensive information to all its investors.

Vista Land & Lifescapes IncVista Land’s dedication to enhancing its two-way communication with investors and shareholders is housed in its commitment to adhere to best corporate governance practices. The company is of the view that corporate governance is a necessary component for continuing its sound strategic business management. Through the ef-fectiveness of its internal governance processes, especially in conduct-ing investor relations initiatives, the company has been able to win the public’s confidence, attract investors and enhance shareholder value.

Perhaps there is no bigger or more significant communicational channel for Vista Land than its annual general meeting, wherein its shareholders are given the opportunity to convey their views on the company’s performance. Shareholders also have the chance to present their questions to the Board of Directors or senior manage-ment regarding the firm’s operations. Underscoring further transpar-ency, members of the different committees and the external auditors consistently attend to sufficiently address questions to shareholders’ satisfaction at the meeting.

In tapping the extensive reach and convenience of the web, Vista Land maintains and frequently updates a well-run corporate website that contains updated information on the company’s financial state-ments and results of business operations. Furthermore, the investment community can readily access the website to learn more about the firm’s corporate structure, suite of products and services, and other relevant information pertaining to the company’s operations.

As a result, Vista Land has helped ensure that all its shareholders and investors have been able to make the optimum decisions pertain-ing to their investments in the company.

Singapore

ARA Asset Management LtdThe investment community has been left smiling with ARA Asset Management’s efforts in conducting its investor relations activities, as the company continued onward with its committed to maintaining an effective engagement with its stakeholders. At its very foundation,


ARA Asset Management is has been focused on ensuring that high standards of corporate governance are practiced throughout the Group in line with its Code of Corporate Governance 2012. The company has adopted the view that sound corporate governance and strong business integrity are the necessary foundations for a trusted, successful and respected business organisation.

Guided by these best corporate governance and transparency practices, ARA Asset Management continued to strive towards cultivating solid long-term relationships and in providing a consistent channel of communication for its shareholders, prospective investors, analysts and the media.

As such, the company discloses information on an immediate ba-sis as required under the Listing Manual of the SGX-ST, or as soon as possible where immediate disclosure is not practicable. Through these prompt actions displayed by the firm, its stakeholders can gain access to accurate and timely information regarding ARA Asset Man-agement’s financial performance and key announcements at the click of a mouse on the corporate website.

Adding to its IR activities in the past year, senior management held periodic meetings and conference calls, in addition to participat-ing in investor conferences and road shows to enhance its commu-nication on the company’s various business and strategic initiatives. Meanwhile, the annual general meeting of shareholders also served as an opportune arena for investors to engage senior management in ac-tive dialogue and address their concerns to their complete satisfaction.

DBS GroupMaking further headway in its sterling investor relations performance is DBS Group, which has consistently promoted regular, effective and fair communication with its shareholders and the wider investment community.

In leading the way, senior management engaged investors in multiple meetings and participated in local and foreign investor conferences and non-deal road shows. The meetings enabled senior management to paint a clearer picture of the bank’s strategy and financial performance to the investment community, and emphasized two-way dialogue by encouraging analysts and investors to provide their perceptions on the company.

DBS Group has also furnished a formal disclosure policy to ensure that all its material information disclosures are timely, com-plete and accurate. Going even further, the bank formed the Group Disclosure Committee in recent years to assist the CEO and CFO in implementing the policy. Since its inception, the Group Disclosure Committee has followed through on its objectives of periodically reviewing the bank’s disclosure policy and updating it as necessary, ensuring that all material disclosures are appropriate, complete and accurate, and preventing selective or inadvertent disclosure of mate-rial information.

As a core communication platform of DBS Group, the bank’s Annual General Meeting has provided shareholders with the op-portunity to share their views and confer with the Board of Directors. In return, the bank’s Board of Directors, senior management and external auditor consistently grace the meetings to answer sharehold-ers’ queries regarding the company to their complete satisfaction.

Providing further leadership, DBS Group’s Chairman plays a pivotal role in cultivating constructive dialogue between shareholders and the Board of Directors at its general meetings. Moreover, as the bank encourages and values shareholder participation throughout these sessions, the bank places all resolutions at the general meetings to vote and announces the results by showing the number of votes cast for and against each resolution, which as been well received by the investment community with open arms.

Taiwan

CTBC Financial Holding Co LtdIn more than fulfilling its responsibilities in the investor relations area as a publicly listed corporation, CTBC Financial Holding has been outstanding in actively promoting the transparency of information disclosure. For instance, the company regularly organizes corporation seminars and consistently attends domestic and international invest-ment forums held by foreign investment security brokers. During these events, it duly explains the firm’s operational status, financial performance, corporate strategic development, and business opera-tional guidelines to the investors in a crystal clear manner.

In terms of presenting its data via its corporate website, CTBC Financial Holding has diligently provided essential information re-garding the company for investors in both Chinese and English, and provided for immediate searches, uploading of corporate financial reports, fiscal reports, and various important financial information for the investment community.

At its very heart, corporate governance remains the cornerstone cemented by CTBC Financial Holding in its path to bolstering ties with investors and ultimately towards running a sustainable business. With this in mind, the company has spared no effort in continuing to refine its management system and series of controls in order to ensure that it stays highly successful, profitable, and sustainable in the coming years.

Looking ahead, CTBC Financial Holding is well positioned to devote even more effort in transforming itself into a world-class institution and fine-tuning its system of corporate governance to ensure the success of its future operations. As it works towards this vision, the company has not lost its focus on maintaining an effective relationship and open channels of communication with its stakehold-ers while refining its system of corporate governance to ensure that all concerns are appropriately addressed, which will enable it to meet and ultimately exceed the expectations of the investment community at large.

E.Sun Financial Holding Co LtdIn conducting its investor relations function, E.Sun Financial em-braces a professional business concept, underscoring its commitment to protecting its relationships with investors over the long term and valuing their opinions. While promoting its core values, the institution strives to keep making improvements that combine traditions and


innovation to continuously build value to the company and sharing its success with all shareholders.

As a prime example, E.Sun Financial’s corporate website houses a dedicated section that focuses on investor relations in both Chinese and English, where

real-time information is made readily available to its numerous institutional investors and analysts. Furthermore, the company holds quarterly investors conferences in Mandarin to elaborate on its oper-ating status, financial conditions and development strategies. To help its international shareholders and investors in staying up to date, the investor conference is subsequently succeeded by an online presenta-tion in English, allowing investors across the globe to be included, thereby maintaining a good relationship with all of its investors.

E,Sun Financial has also developed a well-rounded spokesperson system, allowing it to regulate the authority of speech to help avoid any misconceptions and incorrect information from being released to the public. With this in place, the company has been able to promote clear communications with its shareholders and investors, which has paved the way for them to receive comprehensive information and make well-informed decisions based on this data. In addition, the firm’s proactive Investor Relations team seeks feedback from the investment community from time to time, and disseminates this information to the respective operating teams as a key reference in formulating decisions.

Fubon Financial Holding Co LtdThroughout its rich history, Fubon Financial has long made investor relations a top priority in its business operations as mirrored by the numerous IR initiatives it has implemented.

With the strong emphasis it has placed on communicating with shareholders, Fubon Financial has correspondingly expanded its services to cover domestic and foreign institutional shareholders. On top of fulfilling its commitment to openly disclose information and display transparency, the company also regularly organizes investor conferences and occasionally participates in road shows organized by foreign brokerages to fully elaborate on its operating performance, financial results, strategic development and overall business direction. Supplementing these public appearances were additional meetings with investors and analysts held in major financial centers throughout the year, Such meetings have been prudently designed to provide investors with accurate, timely, and transparent financial data and operating information, which has gone a long way in strengthen-ing the company’s level of transparency and trust in the eyes of the investment community.

As Fubon Financial has developed its business over the years, it has progressively instilled a culture of good corporate governance and made it more transparent to create value for shareholders and set a sound foundation for sustainable operations. For example, it has set up a dedicated investor relations web page to fully disclose detailed financial data and provide investors and analysts with complete and real-time information. To make it even more convenient for its diverse range of investors, the corporate website features Chinese and English pages that enable investors to search and download financial statements, annual reports and essential financial information.

The company’s investors can also conveniently check Fubon Financial’s share price, browse investor conference and shareholder meeting news, or use the e-mail address provided to communicate with the company. In return, a dependable investor relations team is in place to refers the received feedback to management, which takes them into account when making decisions. In addition, the firm notifies website members of important activities and major announce-ments via e-mail, and key operating information and regulatory agency directives are immediately posted onto the website in real time.

Yuanta Financial Holdings Co LtdYuanta Financial Holdings has been all out in its commitment to strengthening its investor relations function by sustaining a high level of transparency in its financial reporting and keeping shareholders up to speed on its latest developments. In line with its core principles of enhancing the timeliness and transparency of information disclosure, Yuanta Financial Holdings’ corporate website has delineated sections such as Corporate Governance, Investor Relations, Latest Information and Schedule of Events, and has openly provided relevant information and the easy downloading of files for its investors and analysts.

The website format also highlights the importance the company places on receiving suggestions from its investors. The Investor Rela-tionship section of the corporate website contains an investor service window and a Contact Us mail box through which investors can send their feedback and offer suggestions by phone or email. Furthermore, the company has staff in place dedicated to handling suggestions from investors. By understanding the investors’ suggestions regarding the company, it is able to implement a more inclusive approach in formulating corporate strategies and navigating the future direction of the firm.

To better serve its institutional shareholders around the world, Yuanta Financial Holdings takes the initiative to participate in institu-tional investor conferences and one-on-one meetings with institutional investors. In the past year, the company participated in numerous investor forums hosted by foreign securities firms or non-deal road shows, and held several investor meetings. By encouraging two-way communication, the firm has helped ensure that its variety of investors obtain a better grasp of its long-term strategy, financial and opera-tional situation.

Thailand

Bangchak Petroleum PCLAs a champion of promoting best investor relations practices, Bangchak Petroleum recognizes that its corporate information, both financial and non-financial, affect the decision-making process for investors and stakeholders. Acting upon this principle, the energy firm’s senior management values accurate and full disclosure in a regular and timely manner, which adheres to all applicable laws and


regulations. In particular, Bangchak Petroleum has put together a strong

Investor Relations Department, which acts as a center in relaying critical information to investors. The sound team has ensured that fi-nancial reports, as well as important information that affects the value of the company’s shares, such as the financial statements, the business performance report, MD&A report and analysis for each quarter and year, are distributed in a timely and regular manner. In addition, the department has been consistent in ensuring that the activities fully comply with SEC regulations, which has been for the benefit of inves-tors both in Thailand and overseas.

In its direct engagement with the investment community, Bangchak Petroleum keeps analysts, investors and employees updated regularly through analyst meetings, company road shows, E-newsletters, conference calls. The company also attends confer-ences organized by various institutions, meets with minor investors on SET’s Opportunity Day, and arranges company visits to other listed companies through the Federation of Thai Industries.

As a result, such activities have enabled potential investors, shareholders in listed companies, analysts and Federation of Thai In-dustries members to have access to important corporate management information and activities. In addition, related parties are accorded the opportunity to make appointments to ask for information per-taining to business updates and can also participate in the company visit programs. Moreover, those who cannot attend analyst meetings can access the information through videotaped sessions, which are uploaded onto the website in both Thai and English.

Bank of Ayudhya Further burnishing its credentials as a proponent of effective investor relations, Bank of Ayudhya takes into account the importance of information disclosure encompassing financial and other issues via convenient communication channels to its shareholders, investors and the public. The bank distributes its information in both Thai and English and goes to great lengths to ensure that it is published com-pletely, transparently, timely, and in full compliance with the relevant laws and regulations.

Underpinning its importance to the bank, an Investor Relations Department has been in place since 2002, and has been responsible for disclosing information and coordinating data dissemination, on top of fostering sound relationships between the bank and its share-holders, investors, analysts and other parties. Aside from disclosing information concerning the Krungsri Group, it also disseminates comparative financial performance and status, current operations, competitive capabilities of financial business, business plans and policies, including measures and regulations governing the financial sector. In addition, the Investor Relations Department has added backdated financial information on a quarterly basis. To facilitate easy access for investors the information is uploaded and available for download on its Investor Relations website.

In recent years, Bank of Ayudhya has ramped up the number of

its investor relations activities which reflect a more comprehensive scope of responsibility following the bank’s successful merging of its businesses under the One Krungsri umbrella. It has employed effective communication tools and channels in disclosing important information, such as details related to significant strategies, strategic developments and important information that affect the bank’s stock performance.

Bank of Ayudhya’s continued engagement of investor relations activities to meet with local and international investors, as well as in meetings with analysts and investors on company visits, participation in international conferences, and one-on- one meetings with investors and analysts indicated the continued interest of the investment com-munity in the bank.

Intouch Holdings PCL2014 marked another banner year for Intouch Holding’s development in the investor relations stage. With a dedicated Investor Relations Department in place since 1995, the company has diligently provided various kinds of corporate information to shareholders and investors using different communication channels. The Investor Relations unit also directly responded to questions raised by investors over the tele-phone and via e-mail to foster two-way and ongoing conversation with its investors. In addition, the company has crafted a detailed policy manual to guide its IR activities in order to ensure thorough compli-ance with all relevant laws and regulations.

In the past year, Intouch Holdings broadened its outreach with the investment community by organizing a vast number of road shows, meetings with analysts, disseminating press releases, publications in various kinds of media, posting information on its corporate website, holding teleconferences, and hosting investor and analyst visits.

In particular, Intouch Holdings’ annual shareholders’ meeting has been instilled as an integral part of its effective communication with all its shareholders. Over the course of the meeting, the Chairman of the Board, the Chief Executive Officer, committee members, executives and the external auditors provide explanations and respond to ques-tions regarding items on the agenda. The chairman of the meeting also allots sufficient time to encourage shareholders to express their opinions and ask questions regarding the firm’s operations.

Furthermore, Intouch Holding’s corporate website contains a comprehensive overview of the company’s profile and businesses in both Thai and English. Specifically, its Investor Relations section is constantly updated to maintain effective communication with share-holders and other stakeholders. Meanwhile, all corporate information disclosed during meetings is also posted on the corporate website to ensure fair and adequate distribution of information to the other stakeholders.

IRPC PCLIRPC has always been a proponent of recognizing the investment community’s legal rights and the right to derive sound decisions stem-ming from readily available, adequate, timely and complete informa-tion that is disseminated through a multitude of channels.


Forming a pillar of its corporate culture, IRPC envisions creat-ing added value to over the long-term and to generating positive returns that live up to shareholders’ expectations. Based on this, the company denotes the importance of its diverse range of investors both locally and internationally, and aims to create trust and confi-dence within the investment community.

Its dedicated Investor Relations team has been responsible for providing extensive information to investors, analysts, shareholders and related parties by firmly focusing on responsibility and integ-rity, in order for the information that it delivers is of high quality, timely, accurate, transparent and reliable.

One such avenue that is well received is the holding of the IRPC shareholders’ meeting that encourages the participation of individual and institutional investors. With investors’ convenience front of mind, the company convenes the meeting at a spacious venue complete with facilities to accommodate all the sharehold-ers and easily accessible through transportation. In addition, the firm’s officers facilitated shareholders, the elderly and the disabled during the meetings, as well as delivered sufficient information for shareholders in a similar fashion.

IRPC also conducted domestic and overseas road shows, as well as arranged meetings with the senior management at the request of investors and analysts as platforms to regularly provide crucial information on the company’s overall performance.

KASIKORNBANK PCLEffective investor relations comes as second nature for Kasikorn-bank, which has a Disclosure Policy in place to further reinforce its importance to the company’s operations. By adhering to the policy, the bank has ensured that its dissemination of financial and non-financial information to shareholders, investors, analysts, regulatory agencies, and the general public are accurate, complete, timely, transparent, and are in accordance with relevant laws and regulatory requirements.

Since 1998, its professional Investor Relations unit has suc-cessfully crafted annual investor relations plans, and systematically provided comprehensive information to local and international investors. The unit has also been responsible for creating, main-taining and promoting cordial relationships with the bank’s minor shareholders. It also arranged panel discussions and provided information related to the bank, economy and investments, as well as imparting knowledge on the ASEAN Economic Community that were beneficial to investors.

In 2014, Kasikornbank adequately disclosed important financial information through its financial statements, which adhere to the regulations of the Bank of Thailand, Stock Exchange of Thailand, Office of the Securities and Exchange Commission, and Financial Reporting Standards. The information was also disseminated via the SET Community Portal and the bank’s corporate website.

To ensure full transparency, the financial statements were reviewed and audited by certified public accountants and were en-dorsed by the Audit Committee before its disclosure to sharehold-ers. In addition, the Bank has periodically evaluated the effective-

ness of its disclosure procedures.Kasikornbank’s shareholders and investors are also provided cor-

porate information in various forms such as Investor Presentation, Investor Presentation: Monthly Economic Information, K-IR Quar-terly Review, the quarterly ‘Sarn Samphan’ newsletter and K-IR News which can be easily accessed through its corporate website.

Such efforts have helped enhance the bank’s image and cred-ibility among shareholders, investors, analysts and credit rating agencies, as well as creating a higher value to shareholders in a sustainable manner.

Minor International PCLMinor International’s outstanding performance in the investor relations arena emanates from the company’s Board of Directors, which repeatedly underscores the significance of disclosing both financial and non-financial in an adequate, accurate and timely manner. In the past year, the company also complied with its dis-closure guidelines, which it constantly reviews and updates so as to be in line with best international standards.

Playing an instrumental role in the strategic planning unit which reports to the Chairman and Chief Executive Officer, the Head of Investor Relations develops and establishes the firm’s year-ly investor relations plan. In addition, the highly capable Investor Relations Department ensures an efficient communication process and channels are firmly in place to communicate vital information such as the firm’s clear vision, mission statements, strategies, finan-cial and operational information to shareholders, equity analysts, target investors and fund managers.

Counted among the various investor relations activities it carried out in recent months, Minor International successfully delivered comprehensive information through news releases, con-ference calls, quarterly presentations, local and overseas investor road shows, its vibrant investor relations website, detailed annual reports, fact sheets, IR materials, and other channels including an-nouncements through the SET and the SEC.

In extending its scope in this field, Minor International fre-quently keeps its analysts, investors and employees well- informed through organizing analyst meetings, road shows, conference calls and investor conferences. The company also continued its active participation in a number of SET events organized for both institu-tional and retail investors. Conversely, interested parties can easily request for company visits to meet with its senior management to obtain necessary information pertaining to the company’s various operations.

PTT Public Co LtdEver since PTT Public Company’s privatization and the com-mencement of the trading of its shares in 2001, its deft Investor Relations Department has served as a potent clearing house for disclosing critical information and financial data to investors such as performance reports, financial statements, and information


reported to the SET, along with quarterly management discussion and analysis reports with updated performance and corporate directions.

Through the years, PTT Public Company has prioritized the disclosure of information that is accurate, complete, transpar-ent and comprehensive, and keeping investors, shareholders, and relevant parties informed of its information.

PTT Public Company publishes a ‘Happiness’ quarterly maga-zine which is carefully put together to communicate comprehensive business information and data, as well as its performance, catering to the needs of debenture holders. In a similar way, its quarterly newsletter ‘PTT Bizway’ reaches out to common shareholders. To cover a larger network of investors, the two publications are pre-sented in both Thai and English to convey PTT Public Company’s vision, mission, quarterly performance and other current major activities.

Stretching over the past year, coinciding with investors’ meet-ings to inform its institutional investors and securities analysts regarding its outstanding quarterly performance, PTT Public Company stressed arranging regular company visits and meetings with its executives and organized a visit to its Rayong GSP Unit 6. In addition, another initiative known as the PTT Group Home-show was rolled out to welcome overseas investors of PTT financial executives and brief them on the business and potential of PTT Public Company. The investors were also invited to tour its refinery and olefins plants under a convivial atmosphere, wherein the participants and analysts got better acquainted with PTT Public Company’s business directions and opportunities to be involved in its businesses from the senior management themselves.

PTT Exploration & Production Public Company LimitedPTTEP is highly regarded in investment community circles for its consistent disclosure of corporate information to shareholders via numerous channels. These involve delivering information to the SET, media, as well as its user-friendly website to ensure their full understanding of the energy firm’s business operations which have helped develop a long-term and committed relationship with its shareholders.

With a solid Investor Relations Section firmly in place, PT-TEP has regularly been communicating relevant information and news that reflect the firm’s fair value to analysts, shareholders, and general investors while adhering to the rules of the SET and SEC so as to foster increasing confidence in the analysts and the investment community. The IR unit is also entrusted with uphold-ing its exceptional corporate image and perception among analysts and investors, while also carrying out the coordination of investor relations-related issues to the senior management.

As PTTEP regards information disclosure as an integral aspect of good corporate governance, the firm places a strong emphasis on the information disclosed to the SET, as well as to its valued shareholders. At the very minimal, the company prepares its

information according to its Business Ethics guidelines, and in an accurate, sufficient and timely manner, and makes it equally avail-able to all shareholders.

Moreover, the company has established a direct communica-tions channel between its minor shareholders and independent di-rectors through a dedicated e-mail address. As a result, shareholders have been able to obtain additional information from the directors or conduct inquiries to them regarding their activities, the firm’s good corporate governance practices as well as audit-related issues. Shareholders are also given the leeway to directly contact the firm’s Corporate Secretary or the Investor Relations Department to seek supplementary information.

PTT Global Chemical PCLPTT Global Chemical has established a sterling reputation for advocating the significance of properly disclosing information with the view that it affects the decisions of shareholders, investors and stakeholders. In this light, the company has adequately established controls and definitions of clear procedures on how both financial and non-financial information should be disclosed in adherence to relevant laws and regulations.

Putting this into practice, PTT Global Chemical discloses its information in an adequate, reliable, straightforward and timely manner in both Thai and English, which are done through the SET Portal system hosted by the Stock Exchange of Thailand, and through its dependable corporate website.

Over the years, PTT Global Chemical’s execution of accurate, clear and transparent Investor Relations system has enabled the firm to garner the full confidence of the investment community at large. Furthermore, the company’s Corporate Governance and Corporate Secretary Department ensure the provision of accurate information and makes it a point to respond to all enquiries that are put forward by investors.

In addition, PTT Global Chemical taps into its corporate website to upload all other important information which includes all company activities that have been conducted to date. With the easy access, shareholders, investors, and the general public are able to utilize the information for their reference in a convenient and timely manner, which includes data on its current project as well as the de-velopment of new innovations. The website also features informa-tion and performance reports on the firm’s various projects which are uploaded on a quarterly basis, as well as details on the schedule for road shows and presentations, on top of other news and public relations piece for the benefit of the company’s investors.

Siam Commercial BankInvestor relations forms an indispensable part of Siam Commercial Bank’s business development, and is always given utmost emphasis. This stems from its Board of Director’s grasp of the critical impor-tance of corporate governance in the bank’s pursuit of sustainable


and profitable growth, creating long-term shareholder value, and securing the trust of the investment community.

At its core, investor relations has long been instilled as a highly functional unit of the bank and is in full charge of the accuracy, adequacy, and clarity of disclosure of the bank’s information to investors. The bank carries this function out in a timely manner in accordance with its disclosure principles and applicable require-ments and regulations.

The investment community has always looked forward to Siam Commercial Bank’s Annual General Meeting, which serves as a pri-mary communication platform in which it engages with sharehold-ers. The bank is consistently lauded for conducting the proceedings in a manner that shareholders are able to exercise their rights in accordance to the law, applicable regulations and good governance practices. During the session, the bank has always ensured that shareholders receive clear and adequate information, are provided with sufficient time to consider agenda items and are able to readily access the notice of the AGM and its accompanying documents. Immediately following the meeting, resolutions arrived at during the session are posted in both Thai and English on the Stock Exchange of Thailand and Siam Commercial Bank websites.

On top of the planned activities prepared by Siam Commercial Bank such as meetings with investors and analysts, participation at investor events and reaching out to investors via road shows, its Investor Relations function has gained a foothold as the first port of call for all of its shareholders, analysts, fund managers, bondholders and ratings agencies.

Thaioil PCLThaioil continues to score high marks with the investment com-munity by attaching utmost importance to its investor relations function. The oil company has consistently carried out the function with optimum responsibility, integrity and dedication on the full disclosure of correct, reliable and adequate corporate information to investors, analysts and other related parties in a fair, transparent and comprehensive manner.

Driving this dedication from within the organization is its Investor Relations Department, which has served as a focal point from which Thaioil proactively conducts its investor relations activities in parallel with best practices of leading international organizations to promote viable communication channels with its investors, analysts and other related parties.

Thaioil also provides abundant opportunities for investors to raise any questions and receive essential corporate information through a host of efficient channels such as the company’s insight-ful road shows and seminars with domestic and international inves-tors, as well as quarterly presentations during analyst meetings. The firm also provides a report on the operations of its Investor Relations to the Board of Directors once a year.

In addition, it publishes the results of the operations on a webcast that is uploaded onto the corporate website, as well as

providing its shareholders and institutional investors site visits to its refineries so that they can engage with senior management in healthy discussions and gain a better understanding of the firm’s business operations.

Furthermore, Thaioil has taken the initiative to extend its reach by publishing corporate information via public channels such as newspapers, magazines, television and the company’s journal, aside from participating in the annual exhibition organized by the SET in educating and promoting knowledge to investors at the Money Expo and SET in the City.

Vietnam

VingroupThe past year showcased not only significant advancements in Vingroup’s portfolio of businesses, but also featured an eventful period for its investor relations activities. With an aim to maxi-mize the interests of all its shareholders and to be the ‘Number 1 Companion’, Vingroup has always paid the highest respect to its shareholders and the investment community. This is manifested in its faithful adherence to all information disclosure regulations and maintenance of optimal transparency standards, which has col-lectively helped the company forge strong long-term relationships with investors.

In shaping its effective investor relations strategy, Vingroup has zeroed in on providing timely and complete disclosure of reliable, accurate and consistent information to its shareholders and inves-tors. Another pillar defining its framework is to cultivate public un-derstanding of Vingroup and enhancing its image through positive and timely media communications, especially with its existing and potential shareholders. Moreover, it has maximized the power of the internet, by incessantly improving and developing its corporate website by featuring comprehensive financial information, quar-terly newsletters, annual reports and news releases that significantly helps the investment community come up with a thorough analysis of the company.

Vingroup has also sought to bring information closer to its investors, such as organising numerous site visits to its projects in Hanoi, Ho Chi Minh City, Da Nang and Nha Trang. The firm has also held quarterly analyst meeting across different cities through-out the country which generated a strong turnout by bondholders, investment funds, as well as local and overseas analysts. The events were deeply appreciated for their openness and transparency that outlined the firm’s strategic activities, plans and project progress, thereby strengthening the information flow between its senior man-agement and the investment community. As a result of its dynamic IR activities, Vingroup has been able to sustain positive relation-ships with local and international securities and brokerage firms, investment banks, ratings agencies, and more.

CorporateGovernanCeasia January-MarCh 201592 CorporateGovernanCeasia January-MarCh 201593


China

Suki WongDirector of Investor RelationsAnta Sports Products Ltd

As Director of Investor Relations at Anta Sports Products, Suki Wong has estab-lished herself as a seasoned IR profession-al who has consistently displayed a keen understanding of the industry. In the past year, Ms. Wong once again showed strong leadership in fulfilling Anta Sport’s com-mitment of espousing effective communi-cation with the investment community in a timely manner.

Angus YiuHead of Investor RelationsLi Ning Company Ltd

Carrying out Li Ning’s wide range of effective communication channels as the company’s Head of Investor Relations comes naturally for Angus Yiu. As a leading sportswear company, Li Ning has placed its shareholders’ corporate infor-mation needs at the forefront at all times, made possible by the dedication of the firm’s dedicated IR team led by Mr. Yiu’s admirable leadership.

Jacky YungAsst CFO and Company SecretaryChina Telecom Corporation Ltd

Ensuring the timely and complete disclo-sure of relevant reports and information has been deeply instilled into the thriv-

ing corporate culture of China Telecom, piloted by Jacky Yung’s drive in reaching out to the company’s wide spectrum of investors. Through the years, Mr. Yung has played an instrumental role in build-ing China Telecom’s corporate image by providing exemplary strategic counsel through highly effective investor relations activities.

Vincent Tse Investor Relations DirectorChina Resources Enterprise, Ltd

Vincent Tse personifies China Resource Enterprise’s dedication in maintaining a well-structured communications frame-work to support its aim of attaining long-term and sustainable shareholder value. In putting his vision into practice, China Resource Enterprise’s investor relations unit has dutifully handled its communica-tions with the investment community, and subsequently established a framework for the company to conduct its business with transparency and fairness.

Yang Ling General Manager – Investor & Media Relations (Former GM –IR and Media Relations)Cosco International Holdings Ltd

Cosco International has fervently instilled trust and confidence among the invest-ment community with its comprehensive policies that protect the lawful rights of its shareholders. One has to look no further than Yang Ling, the company’s General Manager – Investor & Media Relations for the consistent implementation of such

policies, which have ensured that Cosco International maintains numerous acces-sible communication and complaint chan-nels to answer investors’ queries.

Charlotte SoHead of IRCosco Pacific Ltd

In her pivotal role as Head of Investor Re-lations for Cosco Pacific, Charlotte So has ascertained the credibility and accuracy of corporate information that is furnished to its stakeholders by working closely with the company’s top executives. In further enhancing her responsibilities, Ms. So makes sure that Cosco Pacific consistently adheres to its core principles of compli-ance and fairness in its reports which are readily available for the investment com-munity’s review. Zhong HuaCFO and Head of IRCNOOC Ltd

Promoting and enriching CNOOC’s close bonds with the investment universe has been an underlying principle that is constantly strengthened by Zhong Hua year after year. Through his dual influen-tial roles as CFO and Head of Investor Relations, Mr. Zhong has been a faithful advocate of placing corporate governance as a foremost priority atop CNOOC’s agenda, and proactively fosters clear communications with investors and other market participants.

Suki Wong Vincent TseJacky Yung Zhong HuaYang Ling Charlotte SoAngus Yiu


Hong Kong

Edwin HuiHead of IR Asia PacificStandard Chartered Bank

Throughout his tenure, Edwin Hui has attached significant importance to full disclosure and dissemination of relevant information to Standard Chartered’s various shareholders, which has in turn an exemplary model for best investor rela-tions practices. Time and again, Mr. Hui has demonstrated a knack for delivering exactly what the investment community needs in a timely and transparent manner.

Patrick KwokExecutive DirectorHenderson Land Development Co Ltd

Indispensable to the business opera-tions and investor relations function of Henderson Land is Patrick Kwok, who has served as the company’s Executive Direc-tor since 1993. Throughout his decorated tenure, Kwok has displayed a propensity to conveying the firm’s core strategies and developments in a precise and coherent manner. Under Kwok’s sound leadership, Henderson Land has certainly raised the bar higher in its commitment to ensuring that its investors are well informed every step of the way.

Nelson Chu Investor Relations (Former IR)Sun Hung Kai Properties Ltd

With an extensive track record in the

investor relations field, Nelson Chu exhib-ited laudable capabilities in powering the comprehensive investor relations strategy of Sun Hung Kai Properties which has been well-received by the investment com-munity for its accessibility and transpar-ency. Under Mr. Chu’s stewardship, Sun Hung Kai Properties has been able to firmly cement itself as a formidable player in the investor relations field in the years to come.

Emily LauHead of IRPacific Basin Shipping Ltd

Pacific Basin Shipping’s Head of Investor Relations Emily Lau has steadily crafted the company’s commendable investor relations practices that have subsequently generated significant value for its share-holders. Adding to her sterling résumé over the years is Ms. Lau’s adept manage-ment of Pacific Basin Shipping’s various communications channels which has earned high marks among the investment community.

Michelle SzeHead of IRShui On Land Ltd

As Head of Shui On Land’s Investor Rela-tions endeavours, Michelle Sze has presided over a prolific and continuously improving platform in disseminating the company’s core messages to its stakeholders. Through-out her tenure, Ms. Sze has demonstrated remarkable skill in conveying Shui On

Land’s story out into the investment com-munity and satisfying their information needs throughout every step of the way.

Chuk Fai KwanHead of Corporate Communications and Inves-tor RelationsHang Lung Properties Ltd

Firmly at the helm of Hang Lung Proper-ties’ exceptional investor relations activities is Chuk Fai Kwan, the company’s dedi-cated Head of Corporate Communica-tions and Investor Relations. Since taking up his role, Mr. Chuk has spearheaded the property development firm’s engagement with its investors that are aligned with Hang Lung Properties’ primary principles of implementing good corporate gover-nance and the transparent disclosure of corporate information.

Ross DunwoodyVP Investor RelationsMelco Crown Entertainment Ltd

Ross Dunwoody has gone above and beyond his duties and responsibilities as the Vice President of Investor Relations of Melco Crown Entertainment when it comes to catering to the investment com-munity’s needs. Mr. Dunwoody has lent a big hand to the company’s investor rela-tions drive, ensuring that its existing and potential investors are kept up to speed on the firm’s latest developments through various means such as annual general meetings, conferences, analyst meetings, and many more.

Emily Lau Michelle Sze Chuk Fai Kwan Ross DunwoodyEdwin Hui Patrick Kwok


Aldous ChiuGeneral Manager - Investor RelationsNew World Development Company Limited Under Aldous Chiu’s watch, New World Development has certainly exceeded the expectations of the investment community to the benefit of all its shareholders. As a result, Mr. Chiu has earned the plaudits of investors for forging a dependable and comprehensive investor relations platform for New World Development, and paves the way for a most convenient communication experience for all its stakeholders.

Rebecca WooCorporate Affairs Director and Head of Investor RelationsNew World Department Store China Limited

New World Department Store continues to make a splash in its ascent among the lead-ing companies in Hong Kong, particularly when it comes to the investor relations space. The company has soared to new heights thanks to Rebecca Woo, who has shaped New World Department Store’s investor relations program by ensuring the credibility of its information and mak-ing the investing community rest assured regarding the company’s exceptional performance.

Patrick LauHead of Investor Relations and Corp FinanceEsprit Holdings Limited

Patrick Lau plays a central role in fashion-ing Esprit Holdings’ investor relations framework which has upheld the rights of

its shareholders and the public at large by providing them with readily available corporate information on a regular basis. Through his steady efforts, Mr. Lau’s experience in the industry shines through in his implementation of excellent com-munication initiatives that have placed Esprit Holdings in good stead with its shareholders.

Indonesia Achmad Herry S. Vice President of Investor Relations PT Pertamina

As Vice President of Investor Relations, Achmad Herry S. has done a masterful job in pushing for international standards of investor management by providing accurate and transparent information in line with Pertamina’s expanding pres-ence in the global community. With his admirable coordination across different teams, Mr. Herry has deftly struck a fine balance in satisfying both Government and commercial sector interests, resulting in further boosts of confidence among its shareholders.

Kornel Soemardi Head of Capital Market PT Pertamina

Since coming on board in 2008, Kornel Soemardi has been integral to the flour-ishing of Pertamina’s investor relations function which has increasingly become on par with international standards and

expectations in terms of transparency, corporate governance and stature. Mr. So-emardi’s focus on the capital market side has strengthened the division’s capabilities and helped Pertamina establish fruitful ties with regulatory bodies and the financial community.

Philippines

Reyna-beth D. De GuzmanHead of Investor RelationsSan Miguel Corporation

Reyna-beth De Guzman has worked won-ders over the years in enhancing a fruitful investor relations platform at San Miguel Corporation that has been renowned in the Philippines for its accessibility and transparency. Leveraging on San Miguel Corporation’s commitment to good corpo-rate governance principles, Ms. De Guz-man is equally passionate in ensuring the timely disclosure of information that assist the investment community in arriving at only the best investment decision possibly regarding the company.

Alexander C. EscuchaHead of Investor RelationsChinabank

In his stint as Head of Investor Relations at Chinabank, it is no secret that Alexan-der Escucha has put together an impres-sive record over the years. Armed with a solid reputation for delivering high quality communication channels to shareholders, Mr. Escucha has built enduring relation-

Aldous Chiu Rebecca Woo Patrick Lau Achmad Herry S. Kornel Soemardi Reyna-beth D.De Guzman


ships between Chinabank and its inves-tors through his penchant for instilling optimum standards of transparency and disclosure.

Corazon P. GuidoteSenior Vice President for Investor RelationsSM Investments Corporation

At the helm in expanding the scope of SM Investments Corporation’s investor relations platform throughout the years is Corazon Guidote, who has displayed an exceptional level of professionalism and produced remarkable results in the field. As Senior Vice President for Investor Relations, Ms. Guidote has been respon-sible for driving the company’s investor relations activities in all levels of the organization that have greatly satisfied the needs of the investment community and alleviated any concerns they may have regarding the firm.

Albert W.L PulidoVice President for Investor RelationsMetro Pacific Investments Corporation Albert Pulido’s extensive experience and expertise in the investor relations field has certainly made him the ideal executive to carry out the company’s IR commu-nication activities. Under Mr. Pulido’s deft tutelage, Metro Pacific Investments continues to take significant strides in set-ting high standards of corporate informa-tion disclosure and accessibility that have increased the confidence of its investors in the responsible organization.

Luis S. Reyes Jr Senior Vice President, Head - Investor Relations and Corporate PlanningBDO Unibank Inc

Luis S. Reyes Jr. is highly regarded for providing a steady hand in overseeing the bank’s engagement with its stakeholders and guiding its investors alongside BDO Unibank’s impressive growth. As a result of Mr. Reyes’ efforts to expand the quality and depth of the bank’s investor relations structure, BDO Unibank has consistently ranked among the best companies in exercising sound investor relations in the country.

Rafael L. Andrada First Vice President, Treasurer, Head - Investment ManagementMeralco

The investment community is always left satisfied with the comprehensive corpo-rate information provided by Meralco, with significant credit going to the far-reaching investor relations initia-tives implemented by Rafael Andrada. Working towards Mr. Andrada’s vision, Meralco’s investor relations team has diligently established mutually beneficial communication channels with its investors and put in place a solid framework with which the company conducts its business with utmost transparency.

Arthur R. TabuenaHead of Investor RelationsICTSI

With his excellent management of the firm’s investor relations function in the past year, Arthur Tabuena has reinforced ICTSI’s first-rate communication with current and potential investors, enabling them to gain an even better understand-ing of the company’s business operations. Always looking to improve, Mr. Tabuena and his IR team have consistently en-hanced the quality of communication with the investment community through the numerous effective channels it implements.

Taiwan

Allen Wu Senior Vice President, Head of Institutional IR Department Yuanta Financial Holdings Co Ltd

Yuanta Financial Holdings’ application of best corporate governance practices under the leadership of Allen Wu has resonated in its investor relations activities, helping the company attain its objectives of promoting strong business operations and maximize shareholder value. Such results are a shining testament to Mr. Wu’s capabilities of delivering timely informa-tion to the satisfaction of the investment community and striving to attain the high-est valuation for the firm.

Alexander C. Escucha Corazon P. Guidote Albert Pulido Luis S. Reyes Jr Rafael Andrada Arthur R. Tabuena Allen Wu


Amanda Wang First VPFubon Financial Holding Co Ltd Amanda Wang has been the beacon of Fu-bon Financial’s active endeavors to establish best investor relations practices that are in line with international standards. At all times, Ms. Wang has sought to enrich the investing experience and communication with its stakeholders, listen intently to any concerns regarding the company’s opera-tions, and ultimately share the fruits of the business with its investors.

Thailand

Tomyantee KongpoolsilpaVice President Group Investor RelationsIntouch Holdings PCL

As Vice President of Group Investor Rela-tions, Tomyantee Kongpoolsilpa has been a core pillar of Intouch Holdings’ emergence as a standout company in the investor rela-tions universe, underpinned by the weight she has placed on disclosing information in a transparent manner in full compliance with applicable laws and regulations. Ms. Kongpoolsilpa’s skillful management of the company’s investor relations program mirrors her passion of looking after the best interests of Intouch Holdings’s investors as a responsible corporate citizen.

Phichin AphiwantanapornVP Investor RelationsPTT Public Co Ltd

Through the years, Phichin Aphiwanta-naporn has been at the forefront of PTT Public Company’s investor relations drive to disclose accurate, complete and transparent information that has kept its investors well-informed of its latest corporate develop-ments. As such, PTT remains in the upper echelon of investor relations practitioners and attractive in the eyes of the investment community.

Chaiyapat PaitoonVice President of Strategic PlanningMinor International PCL Chaiyapat Paitoon has elevated Minor International’s investor relations platform to whole new level in the past year, under-scored by his staunch commitment to fur-nishing comprehensive corporate informa-tion and building cordial relationships with the investment community. Subsequently, Minor International’s investors have come to be well-informed of the firm’s status that has helped them arrive at the best invest-ment decisions regarding the company.

Dr. Adit Laixuthai Chief Investor Relations OfficerKASIKORNBANK PCL

Dr. Adit Laixuthai and his formidable Inves-tor Relations unit have consistently shined on the investor relations stage for establish-ing wide-ranging communications channels that have bolstered the bank’s image and credibility multiple-fold. By crafting astute investor relations throughout the year, the bank’s shareholders and stakeholders have peace of mind that they have thorough ac-cess to corporate information at all times.

Thitipong JurapornsirideeVP - Corporate Finance & IRPTT Global Chemical PCL

Devising efficient communication channels that satisfies the appetite of the invest-ment community has been a staple of PTT Global Chemical’s proficiency in the inves-tor relations arena. As Vice President of Corporate Finance and Investor Relations, Thitipong Jurapornsiridee and his IR team have earned the resounding reception from the company’s investors due in large part to his stewardship and their accessibility in responding swiftly to shareholder queries.

Amanda Wang Tomyantee Kongpoolsilpa

Dr. Adit Laixuthai Thitipong Jurapornsiridee

Chaiyapat PaitoonPhichin Aphiwantanaporn



Aboitiz Group (Philippines)

Aboitiz Group’s innate passion for better ways duly extends to its corporate communications function. Working as a cohesive unit, the firm’s communications team has effectively disseminated its business strategies and financial results to its various stakeholders to ensure utmost transparency in its operations.

This core value emanates from its Board of Directors and senior management which believe that good governance, particularly in the areas of transparency and accountability, begets trust from all stake-holders. Towards this end, the communications team works closely with them in placing significant value to trust and reputation, the legacy of the Aboitiz family business, in all of the Group’s companies.

In further pursuing Aboitiz Group’s dedication to transparency and accountability in its outreach efforts to its stakeholders, its various companies have established dedicated corporate governance websites which serve as a resource center and library for their shareholders.

With a heart for protecting the environment, it has focused on maximizing digital communication channels in the place of traditional means which use up scarce paper sources. A prime example of this is its corporate website in which the complete Aboitiz Corporate Gov-ernance Report is easily accessible, detailing its corporate governance practices, achievements, milestones and initiatives for the coming year.


Key to the outstanding image upheld by BDO Unibank as the largest bank in the Philippines is the effective initiatives crafted by its corpo-rate communications team. Characterized by remarkable synergy, the unit has worked hand-in-hand with the bank’s senior management to impart definitive corporate messages to its wide spectrum of stake-holders that full capture the core of its business operations.

BDO Unibank fully embraces its key role in the continued prog-ress of the country’s financial system. In addition to establishing stabil-ity in financial position, the bank believes that implementing sound corporate governance practices, particularly in communicating with its stakeholders and the investing community, are crucial to attaining and preserving the public’s trust and belief in the organisation and the banking sector as a whole.

As the fruit of its consistent efforts, BDO Unibank considers the trust and confidence of the public and stakeholders as its biggest accomplishments in the corporate communications space. Moving forward, it believes that not only will these recognitions translate to a positive impact on its financial performance, but these will also elevate the bar of its communications efforts to meet stricter global standards and further enhance its corporate image.

CTBC Financial Holding Co Ltd (Taiwan)

CTBC Financial Holding continues to increase the frequency of contact with its stakeholders through a multitude of communication channels, with a keen emphasis on engaging members of the public and build an enduring relationship with them. With the corporate communications department playing an instrumental role, the bank has always demon-strated its commitment to identifying its stakeholders and corresponding responsibilities towards them.

As a result, the firm has identified six groups comprising investors, customers, employees, members of society, government agencies and suppliers. Within each group, it has outlined their respective concerns and the corresponding communication channels utilizes to engage them with. Over the years, CTBC Financial Holding has adhered to this framework to better meet their stakeholders’ expectations.

To enhance its two-way communication with stakeholders, the bank also includes a survey in the CSR section of its corporate website which welcomes stakeholders to provide their feedback regarding the key issues that are most significant to them.

As CTBC Financial Holding carries on its pursuit of sustainable operations and creating optimum value for its stakeholders, it has never lost its focus on its endeavour to constantly improve the society in which it serves.

DBS Group

(Singapore)

Spearheading DBS Group’s well-established communications platform is its dedicated investor relations team which supports the CEO and CFO in maintaining close and active dialogue with its investors. The team is committed to promoting regular, effective, and fair communications with all of its shareholders.

For instance, the bank conscientiously organizes briefing sessions for the media and analysts following the release of its quarterly reports, while a complete archive of press statements and quarterly financial statements are immediately published on the corporate and SGX websites. The investor relations team has also ensured that the bank’s communication goes both ways, providing contact details that allow investors to submit their feedback and raise any questions regarding the operations of the company.

Throughout the year, the investor relations team has facilitated numerous meetings between senior management and investors, and the participation of top executives in several local and foreign investor conferences and non-deal road shows. By setting up such meetings, senior management are able to get DBS Group’s core messages across to the investment community such as its strategies and financial performance. In addition, the meetings also serve as a reciprocal channel that allows the bank to solicit investors and analysts’ perceptions regarding the firm.


Melco International Development Ltd (Hong Kong)

For Melco International Development, attaining a firm understanding of the views of its stakeholders is critical to aligning its CSR and sustain-ability agenda with the range of issues the firm has identified as being of significant interest.

At the heart of its commitment to open dialogue with its stakeholders is its Shareholders Communication Policy which the corporate commu-nications unit faithfully adheres to. The policy reinforces the company’s core value of ensuring the effective and timely dissemination of informa-tion to shareholders and the investment community at all times. It also establishes that corporate information shall be communicated primarily through its financial reports, annual general meetings and other meet-ings it convenes. On an on-going basis, the corporate communications team and an e-mail account are readily available to allow stakeholders, including employees, to provide recommendations and comments to the highest governing body of the company.

Moreover, Melco International Development’s communication with shareholders is provided in both English and Chinese to cater to a wider spectrum of shareholder’s needs. With a view towards preserving the environment, the company provides shareholders the option of receiving corporate information either through hard copy or electronic means. At the same time, shareholders are also highly encouraged to provide their information such as an e-mail address to the company to facilitate timely and effective communications.

Metro Pacific Investments Corporation(Philippines)

Metro Pacific Investments Corporation spares no efforts in ensuring that all forms of corporate communication are held to the highest standards, which has been a key factor in upholding its sterling reputation since its inception. Through the concerted efforts of its corporate commu-nications division, the company has strengthened its credibility and its corporate public image by planning and overseeing the implementation of strategic corporate communication programs, reputation and crisis management, as well as working closely with the senior management to establish a culture of transparency.

MPIC keeps a running two-way dialogue with shareholders, including keeping minority shareholders abreast of the latest develop-ments and informing them of any changes to its strategies. From the hundreds of meetings the company has engaged with shareholders, the team diligently takes note of their concerns and brings these mat-ters up to senior management and the Board of Directors for their review. In turn, such concerns are taken into due consideration when it implements its strategy.

To a broader extent, all the company’s dealings are in the public domain and MPIC has invested tremendous efforts into providing con-sumers with enough information for them to evaluate its performance. In addition, it remains fully invested in the country and always looking to take positions that benefit everyone and not just its bottom line.

Pubic Bank (Malaysia)

Public Bank continues to place tremendous focus on strengthening its relationship with shareholders as it firmly believes that this is one of the key components to upholding the principles and best practices of corporate governance for the bank. As part of its comprehensive efforts in strengthening its relationship with shareholders, Public Bank and its diligent corporate communications team maintains its commitment to continuously disclose and disseminate comprehensive and timely infor-mation to its shareholders, as well as to the general investing public. Such practice of disclosure of information is not just established to comply with the requirements of Bursa Malaysia Main Market Listing Require-ments pertaining to continuing disclosure, it also adopts the best practices as recommended in the MCCG 2012 with regard to strengthening engagement and communication with shareholders.

Central to this is the publication of the annual report which serves as the main channel of communication between the bank and its stakehold-ers. Where possible and applicable, the bank also provides additional disclosure of information on a voluntary basis. With this structure in place, Public Bank believes that consistently maintaining extensive com-munication with its shareholders strengthens the mutual relationship, which in turn enhances shareholders’ understanding of the bank, as well as their ability to make informed investment decisions.

SM Investments Corporation(Philippines)

Going above and beyond to ensure that SM Investment’s story is deliv-ered in a timely and transparent manner is its commendable corporate communications unit. Over the years, the unit has consistently made sure that its stakeholders receive timely and accurate information on all facets of its business through the utilization of its website and corporate disclosures. Moreover, SM Investment Corporation’s dedicated website has a separate corporate governance section that features subsections on its policies, programs and other relevant developments that make it more reader-friendly for stakeholders. SM Investment Corporation also ensures that shareholders are provided with periodic reports that include relevant information on its directors and officers and their shareholdings and dealings with the company. In further expanding its outreach, the corporate communications team helps arrange telecon-ferences and site visits for investors, and conducts annual road shows with stops in various locations throughout the world.

Furthermore, the company conducts regular briefings and meet-ings with investors, analysts and the media to keep them updated on its various projects, financial and operational results. The presentation materials at these briefings, as well as the company’s SEC and PSE reports and annual reports, can be readily accessed and downloaded from the corporate website.

CorporateGovernanCeasia January-MarCh 2015102 CorporateGovernanCeasia January-MarCh 2015103

Financial PR GroupFinancial PR is an investor relations specialist with regional pres-ence in Singapore, Hong Kong, Taiwan and The People’s Republic of China. Backed by in-depth knowledge in finance and investing, as well as extensive contacts in the media and investment commu-nity, FPR help listed companies in the region to design and execute strategic investor relations programmes, and to communicate with investment communities across Singapore, Hong Kong, Taiwan and the PRC. FPR wide network in the finance sector and its

knowledge of the equity market also enable FPR to provide equity market consulting to clients.

Today, Financial PR serves more than 100 listed clients in Asia, supported by a team of consultants from diverse backgrounds. Its substantial shareholder is BlueFocus Communication Group, a listed company on the Shenzhen Stock Exchange and the largest home-grown Public Relations agency in the PRC.

www.financialpr.com.sg / www.ariesconsulting.com.hk

Mark LeeDeputy Managing Director of Financial PR Group

Oscar ZhaoChairman of BlueFocus Communication Group

Kathy ZhangGroup Managing Director of Financial PR Group

Metro Pacific Investments Corporation continues to grow and improve its portfolio of companies by bringing its management expertise, innovation and best corporate governance practices to the delivery of public infrastructure.

Hand in hand with the government, we endeavour to transform, revive and fuel economic growth to uplift the quality of life of every Filipino.

We Invest. We Manage. We Transform.

www.mpic.com.ph

New Life. New Power.New Direction. New Hope.

“Best CEO”

“Best CFO”

“Best IR Company”

“Best Environmental Responsibility”

“Best CSR”


Strategic Public Relations Group (SPRG)SPRG specialises in public relations, investor relations and financial communications, and is a trusted corporate and marketing communications leader.

Founded two decades ago, SPRG has evolved from an investor relations agency into an integrated PR group. While holding the No. 1 position in IR and financial communications in Hong Kong, it is equally adept at corporate and marketing communications. Drawing on an in-house talent pool of 300 professionals, it is able to provide exceptional PR communica-tions services in IPO/IR, corporate and financial communications, marketing communications, CSR communications, event management, issues and crisis management and social media communications, to clients from across Asia and beyond. SPRG clients include prominent members of the automobile, banking and finance, entertainment and hospitality, healthcare and pharmaceutical, IT, lifestyle, property, resources, TMT and transport sectors, as well as government bodies and associations.

Since 2009, SPRG has earned over 160 industry awards, including:asian exCellenCe awards – Best Financial PR Firm in Asia (2011, 2012, 2013 & 2014)stevie® awards – international Business awardssM

– Public Relations Agency of the Year in Asia Pacific (2014)– Public Relations Agency of the Year in Asia (2013 & 2014)– Grand Stevie® Award (2013)aGenCy of the year

– Local Hero – Public Relations Agency of the Year (2010, 2011, 2012 & 2013)– Local Hero – Media Relations Agency of the Year (2010)aGenCy of the year awards

– Greater China Independent Agency of the Year – Silver (2012)asia paCifiC pr awards – Asia Pacific Network of the Year (2010)ASIA PACIFIC SABRE AWARDS– Asia Pacific Financial Consultancy of the Year (2011)– Hong Kong Consultancy of the Year (2009)

SPRG currently serves over 300 retainer clients in the region, including over 160 listed companies in Hong Kong. It is the leader in IPO communications, completing over 290 new listings since inception. SPRG has conducted many unprecedented IPO communications campaigns, helping introduce first-of-its-kind companies from such countries as Russia, Brazil, Canada, Republic of Mongolia, Japan and South Korea to the investment community in Hong Kong.

Through its own and affiliation network, SPRG has coverage of more than 110 cities around the world, including major in-ternational financial markets in the US and Europe. In addition to helping clients from Asia reach out to the world, SPRG also works closely with partners to offer overseas clients with professional services, thus enabling them to tap various Asian markets.

www.sprg.asia

(From left to right) Esther Chan, Managing Director of Strategic FinancialRelations (SFR), Richard Tsang, Chairman of SPRG, Anita Cheung, Managing Director of Strategic Financial Relations (China), Iris Lee, Managing Director of SFR

股份代號 Stock Code: 00291

· 2015-05-06 · metro pacific investments corporation continues to grow and improve its...

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